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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 and Jaguar Land Rover recalls address seatbelt issues

Audi and Jaguar Land Rover are each recalling several thousand vehicles for separate potential seatbelt issues. The recalls cover the 2022 Audi A3 and S3; 2022 Jaguar F-Type, F-Pace and XF; and the 2022-23 Land Rover Defender, Discovery, Discovery Sport, Range Rover Sport and Range Rover Velar. Examples of these vehicles may have shipped with seatbelt pretensioners that will not function properly in the event of an accident.  Audi is recalling its sedans for tensioner devices that may not adequately restrain drivers or passengers during a crash. The issue was discovered during Korean market crash testing of the high-performance RS 3.  "The seat belt tensioner in the affected vehicles serve the purpose of holding the passenger in his position in the seat," Audi said in its defect report to NHTSA. "In the event of a crash, the retention force of the seat belt may not reach the intended level. As a result, the position of the body can be further to the front of the seat, which leads to a negative influence on the whole restraint system, increasing the risk of injury." A different company, Jaguar Land Rover (JLR), meanwhile, also has an issue with a batch of pretensioners installed in its cars and SUVs. Pretensioners are the devices that fire off to rapidly retract the seatbelt when a crash is detected. Most utilize an explosive charge and pressure tube JLR says that some pretensioner devices provided by one of its suppliers may not have properly-specified pressure tubes that may not channel the gasses to the retraction mechanism correctly.  "A damaged front seat belt pretensioner tube may have been installed on the seat belt retractor," JLR's report said. "This may result in a reduced level or complete loss of pre-tensioning in the event of a crash and increased occupant injury." Owners of the models included in both recall campaigns should receive notices from the manufacturers in the coming months.  Related video: Recalls Audi Jaguar Land Rover Ownership Safety SUV Sedan

Audi A3 Sportback e-tron gets top grades in European crash tests [w/video]

In simplistic terms, the Audi A3 Sportback e-tron plug-in hybrid will go real far when it needs to go and stop when it needs to stop. The PHEV has now been certified to protect its occupants when they need to be protected. So there's not much more that you can ask from a vehicle. The model received a maximum five-star crash-test rating from the Euro NCAP group, receiving top marks for front, side and rear collisions. The Audi also received kudos for the "multi collision brake assist" feature, which automatically engages the brakes once the car's been in a crash so that it doesn't get into another one. The plug-in hybrid was already getting positive responses from prospective customers. Last month, Audi said it stepped up its production of the model at its German factory from 30 units a day to 50. The PHEV can travel up to 30 miles on electricity alone and another 550 miles on a full tank of gas. More impressively, it has a 157 miles per gallon equivalent (MPGe) rating, using the European driving cycle. Check out a video of the test and Audi's press release below and read our driving impressions here. Five stars for the Audi A3 Sportback e-tron from Euro NCAP Top marks in the front, side and rear collision categories The new Audi A3 Sportback e-tron also offers a high level of safety for children Special prize for Audi pre sense basic and multicollision brake assist system Ingolstadt, December 10, 2014 – The Euro NCAP consortium has awarded the new Audi A3 Sportback e-tron* the maximum five star rating for crash safety. This puts the first volume production plug in hybrid from Audi among the safest cars in its class. The test panel was impressed by the Audi A3 Sportback e-tron across the board: As a result the plug-in hybrid earned top marks in protecting adults and children in a front, side or rear collision. The model also passed tests of its pedestrian protection with flying colors. This year Euro NCAP additionally tested assistance systems for the first time. The A3 Sportback e-tron with Audi pre sense front and Audi active lane assist also fulfilled the stringent requirements in this category. The model received the special "Euro NCAP advanced" prize for its Audi pre sense basic passenger protection system as well as for the Audi multicollision brake assist system that comes as standard equipment. This function initiates braking automatically in case of an accident to reduce the risk of skidding and the danger of a subsequent collision.