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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.

1956 DKW Audi electric van beautifully restored

These days, electric vehicles that make commercial deliveries aren't entirely rare. UPS has a small fleet in California, and at least 5,000 Renault Kangoo Z.E. models are in use by France's national postal service. But the history of this concept is much older. In fact, one of the companies represented by Audi's four rings had an example about 60 years ago. Audi Tradition just completed a full restoration of this blue 1956 DKW Elektro-Wagen to add to the company's collection of historic vehicles. It's quite a rare find because only two are still known to exist. Audi estimates that DKW built about 100 of these electric vans between 1955 and 1962, and they were primarily sold to energy companies, public utilities and battery makers. To create the EV model, DKW took its normal Schnellaster delivery van and replaced the model's two-stroke engine with an electric drivetrain. The vans weren't exactly speedy, though. The motor produced about 6.7 horsepower and lead-acid batteries offered 200 amp hours of power running at 80 volts. It gave the Elektro-Wagen a claimed range of about 50 miles and a 25 mile-per-hour top speed. Following the restoration, Audi took van to the island of Wangerooge in the North Sea to show it off. The location is perfect, too, because vehicles with internal combustion engines are banned on the island. If you can read German, feel free to find out more in the press release below. „DKW Elektro-Wagen" zu Audi heimgekehrt Einen von zwei verbliebenen DKW Elektro Schnellaster restauriert Klein-Bus einst auf der Nordseeinsel Wangerooge im Einsatz Audi Tradition prasentiert einen aussergewohnlichen Neuzugang in seiner historischen Sammlung: einen „DKW Elektro-Wagen" von 1956. Zwischen 1955 und 1962 produzierte die Auto Union GmbH in Ingolstadt DKW Schnellaster – etwa 100 davon als Elektro-Automobile, die das Unternehmen vor allem an Energieunternehmen, Stadtwerke oder Batteriehersteller verkaufte. Bei dem nun nach aufwandiger Restauration „heimgekehrten" Elektro-Schnellaster handelt es sich um ein besonderes Exponat: Der DKW fuhr auf der Nordseeinsel Wangerooge, wo Automobile mit Verbrennungsmotoren verboten sind. Normalerweise war der DKW Schnellaster mit einem Zweitaktmotor ausgestattet - der „Elektro-Wagen" hingegen mit einem funf Kilowatt (kw) leistenden Reihenschluss-Motor. Die seitlich in zwei Kasten gelagerten Bleibatterien hatten eine Nennspannung von 80 Volt und eine Kapazitat von 200 Amperestunden (AH).

The 2018 Audi RS3 sedan priced above the BMW M2 and Mercedes CLA45 AMG

Today, Audi finally released pricing for the 2018 RS3 sedan and it's not quite the performance bargain you may have been hoping for. The RS3 sedan, available for the first time in the US, will start at $55,875 when it hits dealer lots later this year. That's thousands more than the competition from BMW and Mercedes-Benz, though it's not quite a straight one-to-one comparison. View 23 Photos For reference, a BMW M2 starts at $53,495 while a Mercedes-Benz CLA45 AMG will set you back at least $50,875. With an all-new 400 horsepower inline-5 under the hood, the RS3 is packing more punch than its German rivals, and, unlike the M2, sends power to all four wheels. Standard features include LED lighting, Audi pre sense basic, and blind-spot monitoring. Other standard equipment hasn't been announced yet, so it's difficult to make a straight comparison to the M2 and CLA45 AMG. The RS3 sedan will make its North American debut next week in New York. While the car will hit full production for the 2018 model year, there will be a limited number of 2017 RS3s produced. At $55,450, the 2017 model is slightly less expensive than the 2018 RS3. That small batch will be preconfigured with carbon trim, Audi virtual cockpit with MMI Navigation plus, a Bang & Olufsen sound system, 19-inch, five-arm-blade design wheels, red brake calipers, and the RS sport exhaust system with black tips. Sounds like a good deal if you've already got your heart set on the latest from Audi Sport. Related Video: