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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 R8, Lamborghini Huracan could get twin-charged five-cylinder

Engine downsizing and forced induction are some of the biggest trends in automotive powertrains today because. They offer the chance to reduce emissions and boost fuel economy, while possibly maintaining power. The shift is already happening to performance cars with turbocharged four-cylinders finding their way into the Ford Mustang, Chevrolet Camaro, and future Porsches. Now, there are rumblings of a tiny chance for a similar change coming for the Lamborghini Huracan and Audi R8. Why the new powertrain? China. While the market there might have slowing growth, it's still a major country for auto sales. The annual taxes on cars there also happen to be based on engine displacement, and there's a 40 percent rate on those over 4.0-liters, according to Car and Driver. The obvious answer to this conundrum is to build a smaller displacement, forced induction engine for the R8 and Huracan. Car and Driver points to the new turbocharged and electrically supercharged, 2.5-liter inline five-cylinder from the recent Audi TT Clubsport Turbo concept as a possible solution. Audi's e-turbo technology runs off a 48-volt electrical system and lithium-ion battery to produce a total of 600 horsepower and 479 pound-feet of torque in the prototype. With this mill, horsepower would barely shrink compared to the R8 V10 Plus and Lambo, but it actually makes more peak torque than their 5.2-liter V10s. While this is all theoretically feasible, take the possibility with a big grain of salt for now. According to Car and Driver, Quattro GmbH's Stephan Reil says that there's no work currently underway to fit the twin-charged five-cylinder, "but it has been talked about." That means such a vehicle is likely years away, if ever. In the meantime, a diesel version of the e-turbo setup is on the way the in the SQ7. Related Video:

Daily Driver: 2015 Audi S7

Daily Driver videos are micro-reviews of vehicles in the Autoblog press fleet, featuring impressions from the staffers that drive them every day. Today's Daily Driver features the 2015 Audi S7, reviewed by Seyth Miersma. You can watch the video above or read a transcript below. Watch more Autoblog videos at /videos. VIDEO TRANSCRIPT [00:00:00] Hi, all. This is Seyth with Autoblog. I'm here driving the 2015 Audi S7. I'm caught in a kind of annoying, normal, end-of-the-work-day suburban traffic right now, but even that helps to illustrate the point that I'm trying to make about the S7, is that it really is one of the best all-around grand touring cars that you can buy. A really, really good grand tourer has to do three things. [00:00:30] One, it has to look amazing. It has to feel really special inside and out. The second part is that it's got to be a great long-range cruiser. It needs to be powerful on the highway, be able to be very comfortable and quiet if you're taking it long distances, kind of like your typically Autobahn car. Three, and I think this is really difficult with the second one that I mentioned, I think that grand tourers have to be really great at driving like sports cars. [00:01:00] You're going along and you're touring on the highway and you know that a really great road is coming up. The car should be able to get off on that road and handle like something much lighter and still have that great cruising character. That's one of the reasons why I've always liked the entire Audi A7 line, but especially this S7 because the A7 itself in all of its guises is really a pretty great cruiser and a really practical all-around car with the space in the hatch [00:01:30] and reasonable room in the back seats. The S7 with the turbocharged 4.0-liter V8 making 420 horsepower and 406 pound-feet of torque really amps up the sportiness. Now don't get me wrong, the S7 is far from a sports car. It's not very light. It's got a long wheelbase. It is nimble, especially with Quattro, but it doesn't feel especially nimble. It doesn't want to change directions super quickly. It splits the difference between the two. That being said, [00:02:00] when you get up to some of your favorite roads, it doesn't disappointment you either because of all the power and grip and some pretty decent sporting character available. Of course one thing that you do lack in a big GT like this S7 vs.