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Formula E is on track financially, with NYC race coming up

LONDON - Formula E could be breaking even already were it not investing for the future, chief executive Alejandro Agag said on Monday after the electric motor racing series reported continuing losses in its latest annual accounts. Accounts filed at Companies House showed Formula E Operations Ltd reduced its operating loss to 33.7 million euros ($38.32 million) at end-July 2016, a period covering its second season, from a previous 62.7 million. Net liabilities rose to 107.2 million euros from 72.1 million, while total revenues reached 56.6 million from a previous 19.7 million. "Everything is going according to plan," Agag, whose city-based series will be racing in New York for the first time on July 15 and 16, told Reuters in an interview at his London offices. "Actually we are doing incredibly well financially according to our plan. "We could have broken even this year but we decided to invest more in marketing and promotion. We decided to add races like the one in New York, which is in year one a race which is costing, we have significant capital expenditure." "It's really up to us when we want to go to break even or not. We could be in break-even now, we could be in break-even next season but we may decide to invest more in marketing and promotion." Agag said the shareholders, including John Malone's Liberty Global and Discovery Communications, were supportive of the strategy and the series had attracted more investors, sponsors and car manufacturers. The New York races will be held in Brooklyn's Red hook neighborhood, with lower Manhattan and the Statue of Liberty as a backdrop with technology partner Qualcomm securing the naming rights. MANUFACTURER INTEREST Agag, whose series plays down competition with Liberty Media-owned Formula One, said more carmakers were set to join a series increasingly aligned with their commercial focus. "I think Formula E has become the preferred destination for manufacturers and there are a few reasons for that," said the Spaniard. "Obviously, one is that it is electric and manufacturers are more and more focusing on electric cars...and we are the only platform really to help them promote that technology and those types of cars. "And second, because of the cost. The cost of the team in Formula E is very moderate." Whereas top Formula One teams can burn through $300 million a year, as can the likes of Toyota in the World Endurance Championship, the budgets of successful Formula E teams are between 10 and 15 million.

With increased range, Audi R8 E-Tron revving up for production. Maybe

As Tesla Motors proved mightily in 2013, an expensive EV with a long range can sell quite nicely, thank you very much. Perhaps Audi was taking notes, since its all-electric R8 E-Tron's on-again/off-again odyssey appears to be on again, according to UK's Autocar, citing Audi's Urlich Hackenburg. The model is near the approval stage for production, and the key to the green-light is the fact that its single-charge range has been almost doubled to 250 miles. The R8 E-Tron gained kudos in these parts last June by turning in a rather brisk 8:09 time around Germany's Nurburgring track, a record for a production electric vehicle (check out the really quiet video here). Still, plans for the 376-horsepower model, which has two electric motors and was first shown off at the Frankfurt Auto Show in 2009, had been put on the proverbial blocks largely because of a relatively short single-charge range of about 150 miles. Then word came out last spring that Audi would produce maybe 10 units before reports from Australia's Drive late last year indicated that plans for potentially broader production were being resuscitated.

Audi celebrates 500k TT models with new TTS Competition

The stylish Audi TT first debuted in 1998, and while we've only seen two generations of the car over the course of 15 years, some 500,000 examples have been sold. To mark the occasion, Audi has created this special TTS Competition model, available as either a coupe or a roadster and limited to just 500 units.
Competition models are set apart from the rest of the TTS range by their unique paint colors - Imola Yellow and Nimbus Gray. Additionally, the limited-run TTS wears new five-spoke, 19-inch alloy wheels and features a fixed rear wing (like the one on the TT RS).
Leather upholstery is found inside the cabin, done up in steel gray with yellow accents. Of course, there are special numbered plaques on the door trims, simply saying "1 of 500."