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Formula E is on track financially, with NYC race coming up
Tue, Jul 4 2017LONDON - 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.
Next Audi TT glimpsed, same as it ever was?
Fri, 28 Feb 2014Audi has teased the new TT coupe ahead of its Geneva Motor Show reveal with renderings and video, but now, what appears to be a photo of the new two-door has leaked onto the web, courtesy of Autofans.be. And if you're thinking, "Well, jeez, that looks familiar," you definitely aren't alone. Aside from the new lighting character in the taillamps, everything you see here looks pretty much unchanged from the old car. Of course, the front should get a nice freshening, and that interior should be super-high-tech. We'll reserve final judgments until we see the new TT live in Geneva next week.
Audi confirms S8 Plus for US to debut in LA
Wed, Nov 11 2015Audi has confirmed that the new S8 Plus will indeed be coming to North America. The more potent version of the German automaker's flagship sedan was first revealed in August, and Audi will bring it to the upcoming Los Angeles auto show. The Plus model packs the same 4.0-liter twin-turbo V8 as the existing S8 (and the Bentley Continental for that matter), but increases output from 520 horsepower to 605 hp and torque from 481 pound-feet to 516 lb-ft (or 553 on overboost). The result is a 0-62 time quoted at 3.8 seconds to give the likes of the Mercedes-AMG S63, Jaguar XJR, and Maserati Quattroporte a run for their money. Audi of America has not announced US pricing for the S8 Plus or final specifications for the American market. Look for an MSRP in the neighborhood of $140k. The Audi S8 Plus will debut in LA alongside the new RS7 Performance and the second-generation R8, which will be making its US auto show debut at the SoCal expo. TRIO OF AUDI SPORT® AND PERFORMANCE MODELS TO MAKE US DEBUT AT LA AUTO SHOW – AUDI R8, RS 7 PERFORMANCE AND S8 PLUS - The second generation of the R8 high-performance halo car makes its U.S. auto show debut - Auto show debut of new RS 7 performance enhances brand's dynamic profile - S8 plus strengthens Audi's position in premium sedan segment November 10, 2015 | HERNDON, Virginia -- Reinforcing the brand's success from road to track, Audi will showcase a trio of new performance vehicles – including the all-new R8, RS 7 performance and S8 plus – at the Los Angeles Auto Show. "The Audi Sport® and performance models have always been an essential part of our brand's character," said Filip Brabec, Director of Product Management for Audi of America. "The Audi R8, RS 7 performance and S8 plus represent the maximum of Audi performance, premium design and technology for our customers." 2017 Audi R8 The fastest and most powerful Audi of all time, the 2017 R8 represents the pinnacle of performance for any model with the four rings. Thanks to the close cooperation between Audi Sport® engineers, race drivers and developers, the Audi R8 and R8 LMS racecar were co-developed and share approximately 50 percent of the same parts, including the V10 engine. The R8 launches with two powertrain variants: the 5.2L V10 with 540 hp, an increase of 15 hp from the previous R8 model or the R8 V10 Plus, boasting a powerful 610 hp, an increase of 60 hp, making it faster, more powerful and more dynamic than its predecessor.