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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.

Watch the Audi R18 E-Tron Quattro long-tail testing at Monza

Audi released a single photo of the long-tailed version of its R18 E-Tron Quattro Le Mans racer, but the photo didn't offer the best view of the stretched rear. The car has been caught testing at Monza, in Italy, and not only do we get a better view of what it's got out back, we get pretty awesome sound as it makes high-speed runs past the camera.
Since the 2013-spec car was found to be down on performance versus the 2012, the long-tail is a different evolution to see if Audi can eke out more performance from its already dominant chassis. Have a look and a listen in the video below.

Audi calls R18 E-Tron Quattro its 'most complex race car'

Technically speaking, Audi's R18 E-Tron Quattro is quite technical. The German automaker says the diesel-hybrid is the "most complex race car" it's ever created. And we'll take their word for it. The Audi, which pairs a V6 turbodiesel powering the rear wheels with two electric motors, is all about connectivity, giving the car's crew the opportunity to constantly monitor the vehicle while it's racing. The car sends in a host of data each lap to the crew's computers, and the vehicle's telemetry system constantly keeps tabs on things like hybrid energy levels, cockpit temperature and boost-pressure levels. In all, the amount of data parameters is more than 100 times greater than in 1989, when Audi first tested a race car equipped with automatic data transmission capabilities. Audi first released specs on the updated version of the R18 E-Tron Quattro late last year, trumpeting the vehicle's advantages in competing in the LMP1 class of the 2014 World Endurance Championship (WEC). Audi made the car a little narrower and a little taller and it complies with a new WEC regulation requiring the front end set off by a new wing. Take a look at Audi's most recent press release below. AUDI R18 E-TRON QUATTRO WITH COMPLEX ELECTRONIC ARCHITECTURE • Telemetry connection between race car and pit lane • Permanent acquisition of far more than 1,000 parameters • Various electronic control units interlinked by a multitude of CAN Bus systems Ingolstadt, May 5, 2014 – The Audi R18 e-tron quattro is the most complex race car created in Ingolstadt and Neckarsulm to date. This not only applies to the mechanics. The electronics of the most recent LMP1 race car with the four rings is more sophisticated than ever before. The age of electronic data transmission from the race car on track began for Audi in 1989. At that time, an Audi 90 quattro in the IMSA GTO series radioed eight parameters to the garage where engine speeds and a few pressures and temperatures were plotted on printouts – a tiny step from today's perspective, but one that provided important insights at the time. Today, an Audi R18 e-tron quattro on more than a thousand channels, in cycles that in some cases only amount to milliseconds, generates data of crucial importance to a staff of engineers at Audi Sport. At Le Mans, the engineers constantly monitor their race cars for 24 hours.