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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 reveals all-new R8 ahead of Geneva debut

This year's Geneva Motor Show is shaping up to be an absolutely orgy of supercars, but though there will be many that will surely outperform it, few have been as hotly anticipated as the arrival of the all-new, second-generation Audi R8. And here it is. Based around an all-new Audi Space Frame chassis, the new R8 is constructed of a higher proportion of aluminum and carbon fiber than its predecessor. The result is a frame that weighs 15 percent less at just 441 pounds – yet is 40 percent more torsionally rigid - tipping the scales at 3,205 lbs in top spec. Into the middle of that frame Audi has installed a revised version of its 5.2-liter V10, eschewing turbochargers but incorporating new technologies. While other powertrain options are expected to follow, Ingolstadt has gone straight for the top of the range at launch: the 'base' V10 model kicks out 540 horsepower and 398 pound-feet of torque to reach 62 miles per hour in 3.5 seconds and a top speed of 201 mph. The upgraded V10 Plus, however, turns those figures up to 610 hp and 413 lb-ft to reach 62 in just 3.2 seconds, 124 in under ten and a 205-mph top speed. All the while, Audi has also equipped the new ten-cylinder engine with both direct and indirect injection, stop/start and cylinder deactivation systems to cut fuel consumption by 10 percent. It also boasts dry-sump lubrication and a variable exhaust system. Power is transmitted to the road through a seven-speed dual-clutch transmission, a mechanical diff and a revised Quattro all-wheel drive system that can send 100 percent of available torque to either the front or rear axle. Aluminum wishbones suspend it all on 19-inch wheels (or optional 20s), with available variable steering and carbon ceramic brakes (optional on the V10 and standard on the V10 Plus). Underbody aerodynamics generate more downforce and a more slippery form, aided by a deployable rear spoiler (or a fixed carbon wing on the Plus model). All those tantalizing greasy bits are cloaked in fresh aluminum sheet-metal, riding on a track that's 1.6 inches wider: the whole shebang stretches 14.5 feet long, 6.4 feet wide and 4.1 feet high, riding on an 8.7-foot wheelbase. Among the myriad new technologies developed for the new R8 are the full LED headlights with optional laser high beams (where they're legal, at least, which currently doesn't include these United States).

A luxury crossover for people who like to drive | 2018 Audi Q5 First Drive

1.6 million. That's how many Q5s Audi has sold since the model's 2008 debut, making the agreeable but stylistically neutral sport-ute the best-selling premium SUV on the planet. One in four Audis sold is a Q5, which is a big part of why the German carmaker made significant improvements intended to ensure the 2018 Audi Q5 is another success story. For starters, the Q5 has swollen in size. Not by much – we're talking 1.3 inches in length, half an inch in wheelbase, and incrementally more height – but enough to boost rear legroom by 0.39 inch and add 0.31 inch to rear headroom. If you're worried that curb weight has bloated in direct proportion to the larger footprint, fear not: The 2018 model is actually up to 198 pounds lighter than the model it replaces, thanks to a carefully modulated blend of high tensile steels and aluminum in the chassis, and incremental weight savings throughout. Two turbocharged engines are available: the Q5's 2.0-liter TFSI engine producing 252 horsepower and 273 pound-feet of torque (doing the 0-to-62-mph sprint in 6.4 seconds), and the SQ5's 3.0-liter TFSI mill that turns 354 hp and 369 lb-ft (capable of whisking it to 62 mph in 5.2 seconds). The 2.0-liter meets a new seven-speed dual-clutch S tronic transmission, while the beefier 3.0-liter gets a conventional eight-speed torque-converter-equipped gearbox to handle the higher torque. Audi's new Quattro ultra setup (already seen in the A4 and Q7) offers fully variable torque distribution that helps achieve 20/27 mpg with the 2.0-liter and 18/26 mpg for the 3.0-liter. The system can de-couple the rear axle via an electronic clutch, which improves fuel economy; with 100 percent of torque directed to the front wheels during straight-line driving, the parasitic losses of running power needlessly through the rear differential are avoided, while a second clutch controls front/rear torque distribution. Audi says the ultra setup works proactively, not reactively, using torque vectoring to distribute power and anticipating changes in vehicle dynamics 500 milliseconds before the torque is redistributed. While there are numerous tech updates under the skin, the body itself is very familiar. In person, the Q5's looks are tweaked ever-so-slightly thanks primarily to a curvier, crisper character line that is so sharp, it casts its own shadow under certain lighting conditions. Inside, a Q7-like upgrade gives the cabin a more sophisticated feel.