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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.

Jon Olsson's 1,000-hp Audi RS6 Avant stolen at gunpoint, burned

Swedish professional freeskier Jon Olsson loves some insanely modified vehicles, like his Rebellion R2K, but tragedy recently struck for one of his crazier former rides. The custom Audi RS6 Avant was a wild wagon with DTM-inspired bodywork and an engine tuned to a claimed 1,000 horsepower. Unfortunately, the machine was stolen in a brazen armed robbery. Making matters even worse, the crooks torched the car at the end of their joyride. Olsson drove the tuned RS6 in this year's Gumball 3000, and later sold it to a dealer in the Netherlands, according to Auto Evolution. Recently, the wagon was taking part in a photo shoot in Amsterdam. That's when two armed men showed up to steal the Audi. Somehow in the chaos, the robbers' van caught fire, and they got away with the RS6. The criminals weren't too clever, though, because they didn't think to grab the key from the owner's pocket, Car Throttle reported. That would have made the Audi much more difficult to start again, if they shut if off. Although, that apparently never became a problem. The crooks sped off and eventually dumped the car before police were ever able to get them. In a final act of destruction, the thieves also incinerated the one-of-a-kind RS6. An investigation is ongoing. Olsson's Instagram post below shows how little is left of this once incredibly cool wagon. "But now I am more motivated than ever to follow this build up with something just as good," Olsson wrote on his website. Poor poor #RS6DTM Such a sad sight! ??? Who would do such a thing! #hurtsmyheart A photo posted by Jonolsson1 (@jonolsson1) on Oct 15, 2015 at 8:03am PDT Related Video:

Next Audi R8 E-Tron could have 280-mile range

Just 265 miles of range on a single charge? Meh. That's what the folks at Audi might be saying about the Tesla Model S and its estimated range. Because the German automaker says the next iteration of the R8 E-Tron could go 450 kilometers on a charge, or about 281 miles. This information comes from Automotive News, which cites a presentation from Audi technology chief Ulrich Hackenberg at the company's annual press conference. The fact that the car will soon be available "upon request" is also news. The project was thought to be shelved until reports came out late last year saying that Audi figured out a way to upgrade its lithium-ion battery technology to double its range. Audi spokesman Brad Stertz said the company wasn't disclosing details related to if or when the car would reach North America or how much it would cost (we're guessing a really large number of dollars) but he did say it was notable that the project was back on track. Audi made news in the summer of 2012 when the R8 E-Tron set the "series production electric car" speed record with a 8:09.099 minute-time at Nurburgring thanks to a boosted top speed of more than 155 miles per hour.