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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 reveals S3 Cabriolet ahead of Geneva debut

It used to be if you wanted an Audi S3, your choices in bodystyle came down to hatchback or... hatchback. That is, in markets where the model was offered at all. But Audi has been expanding the A3 global family upon which the S3 is based, and it intends to offer the performance-minded derivative as a three-door hatch, five-door hatch, four-door sedan and - with the introduction of the version you see here - a two-door convertible.
Set to be presented in public for the first time at the Geneva Motor Show early next month, the new Audi S3 Cabriolet packs the same 2.0-liter turbo four as its fixed-roof counterparts - all 290 horsepower and 280 pound-feet of it - but ditches the extra doors and the tin top in favor of the two-door cabriolet bodystyle of the A3 Cabriolet.
The added weight of the folding fabric roof mechanism and the extra body reinforcement required means that the S3 cabrio takes half a second more to reach 62 miles per hour from a standstill than it would take the sedan version, clocking the run at 5.4 seconds instead of 4.9. This, despite more generous use of magnesium, aluminum and high-strength steel in its construction. Top speed, as is the German custom, remains pinned at 155 mph.

1,682 miles in a 2014 Audi A8 L TDI - Part 2

Interruptions like the Canadian Grand Prix, Le Mans, Pikes Peak, that ridiculous Porsche 911 GT3 and the really good, really outrageous Jeep Cherokee, are among the distractions that delayed the conclusion of this tale. If you'll remember, in Part 1 we started off in a parking lot in Sebring with an Audi A8, headed anywhere that would empty our tank, and after five days in Miami and Ft. Lauderdale and Pompano Beach we bolted in the middle of the night for a breakfast date at an IHOP a couple hundred miles away.
We last left proceedings at a Chevron pump beside the West Florida Turnpike, somewhere around midnight in the humid wilds, having done 660 miles and spent $89.40 to put 20.992 gallons in the great white whale. We had done average speed of 31 miles per hour at an average rate of 27.5 miles per gallon. Those kinds of numbers, as we demonstrated, are good enough to put you in the fuel economy orbit of the Toyota Corolla - to be precise, it only cost $6.40 more to cover that 660 miles in the A8 TDI than it would in the Japanese compact. That led us to conclude that there were just a couple of Starbucks Venti lattes between the A8 and the Corolla, assuming we conveniently ignore the two cars' purchase prices. Turns out we were wrong: it didn't take long for a commenter named "mike" to set us straight when he wrote, "It's clear you weren't lying about not frequenting Starbucks...no way could you get two venti lattes for $6.40." Mike, we salute you - our ignorance of terrible coffee has served the higher purpose of emphasizing the strong case made by the diesel Audi.
But that A8... well, the wheels were still on the damn thing and we had to drive them off. That meant five more days of pilot duty to get us from wherever the hell we were to Wildwood and Daytona Beach, FL, then Brunswick, Macon and Atlanta, GA, then Birmingham, AL, and back to Atlanta.