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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 design chief Egger leaving for Italdesign Giugiaro

Wolfgang Egger, Audi's chief designer, is leaving the company according to a Automotive News Europe, which cites a report from Germany's Automobilwoche. Egger won't be going far, though, remaining within the Volkswagen family and taking up head design position Italdesign Giugiaro, a VW subsidiary as of 2010.
Egger took over the position at Audi from Walter de Silva, and has been responsible most recently for the Audi A6 and A3, as well as the 2010 Quattro Concept and the E-Tron Concept. He previously was head of design at Lancia and then at Alfa Romeo, where he was responsible for the achingly gorgeous 8C Competizione.
If Egger does move to Italdesign, his successor is likely to be Marc Lichte, the Volkswagen designer behind the current Golf. Of course, these personnel changes haven't been officially confirmed, and Audi is thus far refusing to comment on either Egger or Lichte's possible career shifts. We'll stay with this one, so sit tight.

Audi A6 gets styling, powertrain tweaks

The Audi A6 is already a fairly handsome, German luxury sedan, but the whole range is receiving some styling updates in Europe this fall. Audi's US arm would not directly confirm which of these updates will be coming to America, instead just telling us that an updated A6 will be coming next year.
On the outside, the tweaks are fairly minor. The company's single-frame grille, which shows up throughout the model lineup, gets some very subtle styling changes, and the lower bumper and its air intakes are also reshaped. More obviously, the headlights have a new form with the LED running lights cutting through them in roughly the shape of a T, as opposed to outlining them, as before. A similar shape is also used for the updated taillights, and there are now rectangular exhaust outlets around back, as well. In profile, the side sills also get a harder crease toward the rear of the sedan.
Inside, things are kept generally the same, as well. There's a new Flint Gray interior color for the A6 and Salsa Red for the S6. But the biggest change is a power-retracting eight-inch infotainment system using the Nvidia Tegra 30 graphics chip. The optional night vision assist system is also improved with new functions, according to Audi.