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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 TT spy shots reveal revised lighting elements

As we inch closer to an expected Geneva debut for the next-generation Audi TT, our latest round of spy photos are starting to give us an even better look at Audi's latest sports car. This time out, we're getting more details on the car's head and taillights.
It's safe to say that the new headlight design will not incorporate the twin rally lights we see mounted on the next TT's grille, but our spy photos do show off the wide, angular new lights in even greater detail than previous photos. The rear lights, meanwhile, look like they'll retain a similar shape to what's seen on the current car, while new LED details lend a degree of freshness to the look.
As we mentioned, we're predicting Audi will debut the next TT at the 2014 Geneva Auto Show in March. We expect, though, to have more on the car before that time. Stay tuned.

Woman wins Audi R8 Spyder on The Price Is Right, goes bananas

Of course, we love to tune into The Price Is Right to see average Americans spin the big wheel, play a round of Plinko or Cliff Hangers, and participate in the gladiatorial Showcase Showdown. But there is one reason, and one reason alone that the daytime game show has captivated us since its inception in 1972... 'A new car!!!'
Back in November, the show held a Dream Car Week that saw contestants get the chance to win whips like a Porsche 911 and a BMW 6 Series, amongst others. It must have been pretty successful, as the PIR team is back at it, this time giving away an Audi R8 Spyder with a sticker price of $157,300. That makes it the single most-expensive item given away in the show's history.
The R8's new owner, Sheree Heil, may not fit the image of a typical R8 driver - we anticipate she'll learn which side of the car to drive on after the show is over ­- but she is clearly tickled pink with her big win. Check out the insanity below.