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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.

Ford GT, Buick Avenir and Audi Q7 take 2015 EyesOn Design awards

The annual EyesOn Design Awards at the Detroit Auto Show allows some of the greatest designers in the world to weigh in on the best production and concept debuts at the big event each year. For 2015, the large panel of judges included luminaries like Frank Stephenson of McLaren, Ralph Gilles from FCA and Moray Callum of Ford. Apparently the editors at Autoblog had a good eye because the winner of 2015's Best Designed Production Vehicle award went to the Ford GT, which was also our favorite debut from the show. The new supercar beat the Acura NSX and Mercedes-Benz GLE-Class Coupe for the honor. The judges described the Blue Oval's shape as "capturing the original GT40 in a modern interpretation," according to EyesOn Design. The Buick Avenir was also a big winner in the awards this year and received the nods for both Best Designed Concept Vehicle and Innovative Use of Color, Graphics and Materials. In the concept category, it beat out the Chevrolet Bolt and Mercedes-Benz F 015, and in the latter group, the sedan triumphed over Audi Q7, Mercedes F 015 and Volkswagen Cross Coupe GTE. The Q7 received its own accolade for Best Designed Interior, and it beat the Avenir and Infiniti Q60 for the honor. This year's Lifetime Design Achievement Award went to former Renault designer Patrick le Quement, and Bob Lutz received the EyesOn Design Catalyst Award for the second time. The honor is for an executive "who has empowered great design," according to the organization, which describes Lutz perfectly. Scroll down to read the announcement with more comments about the winners. Related Video: Ford, Buick, Audi recipients of EyesOn Design Awards at North American International Auto Show EyesOn Design Awards for Design Excellence for 2015 were revealed today at the North American International Auto Show. The awards honor the most significant automotive designs revealed at NAIAS as determined by the North American and global leaders of design from automotive manufacturers, along with academic chairs of transportation design programs and design leaders from other fields.

2015 will be the biggest year ever for cars at CES

Like the SEMA Show, major automakers are paying increasing attention to the CES, with 2015 expected to be one of the most auto focused yet. Ford, Volkswagen, Toyota, General Motors, Hyundai, Mazda, Audi, BMW and Fiat Chrysler Automobiles will all be in attendance when CES 2015 kicks off next week, taking up a record-breaking 165,000 square feet of space at the Las Vegas Convention Center. "We've come a long way from a single car on a carpet," Ford's Alan Hall told Bloomberg. Unlike SEMA, or a more traditional auto show, like the upcoming festivities in Detroit, CES doesn't necessarily focus on entire cars or the way they perform, but on the way our technology will interact with vehicles, and in how those vehicles will deliver information to drivers. "CES has become a major launch point for a lot of the big automakers," IHS tech analyst Mark Boyadjis told Bloomberg. "CES is a way for them to get on a global stage for technology." As for what kind of wares automakers will trot out in Las Vegas, we already know that BMW will show off an autonomous i3 electric car that can navigate its way through a multistory car park and can be hailed via a smartwatch app. According to Bloomberg, Hyundai will show off its own smartwatch app for the Genesis sedan, while Audi and Mercedes-Benz will show off autonomous vehicles next week. Automakers won't be the only companies looking to capitalize on CES. Tech firms, like chipmaker Nvidia, are becoming increasingly involved in the automotive game and will be in town showing their wares off to OEMs. "Two years ago, our booth would have been filled with PCs and people playing video games," Danny Shapiro, Nvidia's senior director for automotive business, told Bloomberg. "This year we made a strategic decision to shift the focus of the booth on automotive and de-prioritize some of the other things." Needless to say, you can expect to see a lot of news out of Las Vegas come next week. Stay tuned. News Source: BloombergImage Credit: Julie Jacobson / AP CES Audi BMW Chrysler Fiat Ford GM Hyundai Mazda Toyota Volkswagen Technology CES 2015