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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.

Audi bringing matrix 'organic' LED concept to Frankfurt

Audi has announced that it's bringing a new concept to the upcoming Frankfurt motor show in September, and now it is teasing the taillights. They adopt organic light-emitting diode technology, which takes advantage of several benefits. For one, it uses a relatively low amount of electricity, between three and four volts. It's also incredibly thin, made up of two layers, each less than a thousandth of a millimeter thick. It casts no shadows, requires no reflectors or any other elements, and emits very little heat. Plus the lights can be formed into different shapes, opening up new possibilities for designers. This isn't the first time we've seen Audi focus on lighting technology, and in recent years it's showcased matrix LED and matrix laser headlights. The company runs through the history of the evolution of its lighting tech in the video above. We'll have to wait a little longer to find out what the team from Ingolstadt will be putting these new taillights on. Audi presents latest lighting technology at the IAA in Frankfurt - Matrix OLED technology makes its debut in a concept car at the IAA - Light attains a new level of homogeneity - Flat light sources open up new design possibilities Audi is presenting its next step in automotive lighting technology at the IAA in Frankfurt. The new Matrix OLED lights enable a previously unattainable level of lighting homogeneity, opening up further creative opportunities for design. As the leading brand in automotive lighting technology, Audi has systematically developed all aspects of OLED technology over the years. Matrix OLED lights combine high-tech engineering and design ideally – initial projects are currently underway to implement OLED technology in production tail lights. They are being shown for the first time in a concept car at the IAA. OLED is an English acronym for "organic light emitting diode." In each OLED unit, two electrodes – of which at least one must be transparent – incorporate numerous thin layers of organic semiconductor materials. A low DC voltage – between three and four volts – activates the layers, each of which is less than one-thousandth of a millimeter thick, to light them. The color is based on the molecular composition of the light source. In contrast to point light sources – such as LEDs – which are made of semiconductor crystals, OLEDs are flat light sources. Their light attains a new level of homogeneity, and its dimming is continuously variable.

Audi building 50 camouflaged Jon Olsson Edition A4 Avant wagons [w/video]

Swedish Autoblog readers, have you been driving your Audi A4 Avant wagons and thought, 'You know, I really wish my car looked more like a camouflaged World War II battleship?' Well, great news for you, as skier and Audi enthusiast Jon Olsson has teamed up with the German brand's Swedish outfit to offer this new limited-edition A4 Avant.
Finished in a camo patterned after Olsson's own RS6 Avant (which you can view in the video below) and slope-ready Lamborghini Gallardo, the Jon Olsson Camo Edition will cost fans of Smörgåsbord 399,900 Swedish Krona ($62,071 at today's rates). For that sum, you'll get the aforementioned A4 Avant wrapped in the Olsson-designed camo, as well as sport seats, a roof box, Xenon headlights, black 19-inch wheels shod in winter rubber, a sport suspension and Audi's S-Line exterior treatment. The Camo Edition will only be available with the 2.0-liter TDI engine and Quattro all-wheel drive.
There will only be 50 examples made, so we'd strongly recommend interested parties get down to their local Swedish Audi dealer. And if you want to see what the Camo Edition looks like in motion, scroll down for the video of Olsson's Audi RS6 Avant, finished in a similar pattern, running around Switzerland. We've also included the translated press release from Audi of Sweden. Have a look.