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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 SQ7 TDI packs 48V electric compressor, 664 lb-ft

Take a look at the new Audi SQ7 TDI. It's the first time Audi has done an S performance version of its flagship sport-ute, and packs under the hood a 4.0-liter V8 turbo diesel engine mated to an eight-speed automatic and all-wheel drive. It produces a potent 435 horsepower, and an absolutely bonkers 664 pound-feet of torque. The Audi SQ7 TDI produces a massive 664 lb-ft of torque. Impressive as it is, though, that doesn't even tell the full story. That's enough to make us forget it wasn't there in Geneva. It's also more torque than just about anything the Volkswagen Group makes – short of the Bentley Mulsanne Speed and the new Bugatti Chiron. Not even the Lamborghini Aventador SV or Bentley Continental GT Speed can touch that torque figure. Nor can competition like the Porsche Cayenne S Diesel (with its 385 hp and 627 lb-ft) or the BMW X5 M50d (381 hp and 546 lb-ft). It may not surpass the old twelve-cylinder Q7 6.0 TDI (with its 493 hp and 738 lb-ft), but still trounces the VW Touareg V10 TDI (309 hp and 553 lb-ft) – which was strong enough to tow a jet airplane, while the new SQ7 is fast enough to out-drag one (as you can see from the video below). Impressive as it is, though, that headline-grabbing torque figure doesn't tell the full story. To get there, Audi employed two conventional, sequential turbochargers and a third compressor that – in an industry first that's been a long time coming – is powered electrically. The engineers in Ingolstadt installed a beefier 48-volt electric subsystem to power the electric compressor (among other systems) and its latest valvetrain tech for the first time in a diesel. The result, Audi says, is a lack of any perceptible turbo lag – and a 0-62 time quoted at 4.8 seconds, en route to the typical electronically limited top speed of 155 miles per hour. As if that weren't enough, Audi also equipped the SQ7 TDI with an optional suspension package that coordinates the activities of three systems. There's a differential, a four-wheel steering system, and a clever electromechanical roll stabilization system that employs an electric motor (made possible once again by that 48-volt system) and a three-stage planetary gearbox to keep it all level and improve ride quality over rough surfaces. The sum total is an impressive technological tour de force on Audi's part, but one that we may just have to admire from afar.

2016 Audi S6 Quick Spin [w/video]

Back in my salad days, when I was rocking a the greatest Civic Si of all time, the occasional pair of leather pants, and a yen for malt liquor and grass (both of which quickly put an end to the leather pants), a car like the 2016 Audi S6 would've made my head explode. "What's that?" I might have asked. "A roomy four-seat Audi with more than 400 horsepower and all-wheel drive, that looks like it was sculpted by Ralph McQuarrie? Pushing 30 mpg and under five seconds to 60 miles per hour? The hell you say." And that's even before Future Me showed Skinny Me an interior full of carbon fiber and aluminum, God's own quilted-leather sport buckets, and a 'radio' that would've made my Dreamcast look like an Atari 6400. (If you haven't picked up on the vibe yet, I was kind of a weird nerd in the late '90s.) Gentlemen, we live in the future; I just drove a mid-cycle-refresh Audi that proves it. Driving Notes The 4.0-liter, turbocharged V8 is tailor-made for smoothly pulling around anything less-well-endowed than the M5/E63/CTS-V set. Now up to 450 horsepower and 406 pound-feet of torque (versus the 420 hp and 406 lb-ft of last year's model), there's enough pull in the easily accessible powerband to satisfy all but lunatic drivers. It doesn't feel staggeringly fast, but that's only because 500 horsepower has become so commonplace in the new uber sedan game. It's quick enough. Remember when 250 hp was a crazy number? The car sounds like it has a V8, too. That may seem obvious, but in Generation Direct Injection things tend to get a bit clattery. You'll get some of that if you open the hood with the engine running (as I did in one of the Short Cuts above), but none where it counts: behind the wheel, windows up, stereo down, foot to the floor. That recipe delivers a hushed, baritone-sung song about understatement. Less subtle is the braking force when used at or near the top of its ability. After a moment of surprise and delight while decelerating in normal traffic, I went back-road hunting to test a few pseudo panic stops. Vented 15.7-inch front discs, with 14-inchers in the rear, provided a fast and steady haul-down from 70 miles per hour. Remember when wheels were 15 inches? I mean, you need those big brakes and potent engines to move and stop a car this hefty. With a base weight of 4,486 pounds – no doubt heavier still in my loaded, Dutchman-driven example – it still kind of blows my mind to see the 27-miles-per-gallon highway number.