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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.

EVO takes flight in BMW's sultry i8

Electric cars and hybrids are here to stay, much to the apparent dismay of some auto enthusiasts, but that doesn't mean they have to represent the death of enjoyable driving. Granted, the initial run of hybrids in the US like the Honda Insight and Toyota Prius weren't exactly tailor-made for aggressive folks behind the wheel, but things are clearly changing. In its latest video, Evo takes a look at three examples from Europe's new crop of electrified vehicles to show that the future of fun motoring is safe and sound.
Evo editor Henry Catchpole kicks things off with one of the most bizarre EVs of the bunch, the tiny Renault Twizy. Its low power and 50-mile-per-hour top speed might make it miles away from a hot hatch, but there's still fun to be had in extracting the most from this little city car. Next up is the Audi A3 E-Tron, which isn't technically available yet. It's a step in the right direction of eventually creating an affordable, fun-to-drive hybrid hot hatch.
However, the main event is Catchpole getting some seat time in the BMW i8. The Bimmer can really fly -literally in this case - and the butterfly-door coupe offers a clear look at the prospects for electrified sports cars. It might not have the power of hybrid supercar contemporaries like the LaFerrari or Porsche 918 Spyder, but the BMW doesn't cost nearly as much, either. See? Improved efficiency doesn't have to mean boring.

Audi SQ7 spied for the first time

Audi isn't really hiding that its engineers are hard at work on a high-performance version of the latest Q7. However, we haven't seen any of the fruits of this labor, until we got these fresh spy shots of the SQ7. With seemingly no camouflage on the car, these photos might give a very good idea of what to expect from Audi's speedy SUV. One big tip-off of the model's performance aspirations is the redesign of the front end's lower portion. New ducts beside the foglights send cool air to what appear to be intercoolers. This test model rides on a very cool-looking set of basket-weave style wheels, and the big, cross-drilled brakes are easy to spot behind them. At the rear, the quad exhaust tips also signal something special. Our spies also snapped some shots of the interior. If there is any question about whether this is the SQ7, these photos certainly assuage it. The badging is plain as day on the gauges, but at this point the changes appear to be fairly minimal beyond that. We know the SQ7 is going to get more power, but the method isn't officially confirmed yet. Although, Audi technical boss Dr. Ulrich Hackenberg said bluntly last year that it would use an electrically turbocharged engine, possibly an evolution of the V6 diesel in the RS5 TDI Concept. Hackenberg also suggested that the SQ7 would go on sale in 2016. Though, the actual debut might come earlier. Regardless, the tweaks should make the SUV quite a performer. Even on the standard version, it weighs 700 pounds less than the previous generation, while remaining about the same size.