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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.

2015 Rolex 24 at Daytona pre-race notes

Reigning Indy 500 champion Ryan Hunter-Reay summarized our feelings on every year's Rolex 24 Hours at Daytona when he said, "The 24 kind of kicks off the year and has become part of my calendar... It definitely helps you get in race shape after a long layoff." Speaking of IndyCar drivers, 14 of the 33 pilots who started last year's Indy 500 are driving in Daytona this year, and an IndyCar driver has been part of the overall winning team for the last four years. The race starts at 2:10 pm Eastern Standard Time, here's where you can watch it: 2-4 pm: Fox Sports Network 4-8 pm: Fox Sports 2 8-10 pm: Fox Sports 1 10 pm-7 am: IMSA TV on IMSA.com - commentary available here for the full 24 hours 7 am – 2:30 pm (Sunday) – Fox Sports 1 Timing and Scoring Andy Blackmore's typically awesome Spotter's Guide Video primer on the four classes: Prototype (16 in this year's race), Prototype Challenge (8), GT Le Mans (10), GTD (19), and how to identify them. Daytona International Speedway: tri-oval with an infield road course, 3.56 miles long, 12 turns Entry list Qualifying results We've tagged along with Audi for the 53rd running of the race, which marks the first event in the Tudor United SportsCar Car Championship. After a difficult first year of teething – IMSA president and COO Scott Atherton said, "Everybody on our staff and everybody that raced with us last year would tell you it was the most challenging season on record" – some things are smoother this year, some things aren't, starting with the field: 53 cars are expected to line up, 14 fewer than last year, the smallest field since 48 cars lined up in 2011. The Prototype class shed three teams from 2014 and the GT Daytona class lost ten, so there's a 19-car field in that class (nine Porsche 911 GT Americas, three Ferrari 458 Italias, two each of the Aston-Martin V12 Vantage, Dodge Viper SRT, Audi R8 LMS, and one BMW Z4). Truth be told, last year's number was probably inflated by having the previous American Le Mans Series and Grand-Am Rolex Sports Car Championship combined to make the USCC; the field in 2013 was 57 cars, in 2012 it was 59 cars. Another factor in this year's race is that the GT class adopts FIA GT3 rules from next year. Brad Kettler, manager of Audi's customer motorsport program, said they'd sold five R8 LMS cars last year but zero for this year – there are undoubtedly teams waiting on the sidelines for the rules unification before spending the money.

2016 Audi A8 L 4.0T Sport bridges the gap to S8

Want to get your hands on an Audi S8, but can't quite make the stretch? You may be interested, then, in the newest addition to the A8 family. Because it just may be the next best thing. As the moniker suggests, the 2016 Audi A8 L 4.0T Sport packs a similar 4.0-liter twin-turbo V8 to the one in the S8 (and the Bentley Continental GT for that matter). But instead of 520 horsepower, it's tuned to produce a somewhat more modest 450. That's also less than the 500 hp offered in the W12 model, but then the V8 engine is a fair bit lighter, and it produces 15 more horses than the previous 4.0T model. Along with the upgraded engine comes a sportier look, with larger air intakes at the front, more sculpted side sills, and 20-inch (or available 21-inch) alloys. It also comes standard with the Executive and Luxury packages, complimented by diamond-quilt stitching, and a headliner upholstered in Alcantara with a panoramic sunroof. Of course, it's also priced a fair bit lower than the aforementioned more powerful versions: $90,500 (plus $925 destination) is a relative bargain compared to the $114,900 commanded by the S8 and $137,900 for the A8 L W12. Audi has yet to release performance figures, but we'd expect it to drop a tenth or so off the 4.4-second 0-60 sprint achieved by the previous, 435-hp model. Those looking for more power than the S8, not less, may still hold out hope for the S8 Plus with its 605 hp to make its way to US showrooms. Related Video: Audi introduces 2016 A8 L 4.0T Sport model October 26, 2015 | HERNDON, Virginia - New Audi A8 L 4.0T Sport model achieves 450 hp through an enhanced 4.0T twin turbo V8 - Sport style exterior with muscular front fascia creates a striking presence on the road - Interior features panoramic sunroof, acoustic glazing on windows and Alcantara headline Featuring more power and enhanced luxury inside and out, the Audi A8 L 4.0T Sport model enters the Audi lineup for 2016. The variant of the Audi A8 flagship sedan boasts an enhanced 4.0T twin turbo V8 engine achieving an impressive 450 hp, an increase of 15 hp from the previous 4.0T model. The Sport model also includes a muscular front fascia with larger air intakes for a more commanding presence on the road. The bumper of the A8 L 4.0T Sport has been lowered for a more performance-oriented look and the sides of the sedan have been given more prominent rocker panels to give the vehicle a wider stance.