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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's Quattro division is now Audi Sport, and it has 8 new models on the way

Audi announced today that its Quattro GmbH performance and technology division will officially be renamed Audi Sport GmbH. The name change is the first since the division's introduction in 1983, and it should more clearly describe its function within the company and remove confusion with the Quattro all-wheel-drive system offered on all Audis, sporty or not. With its new name, Audi Sport will continue to handle the brand's RS models, the R8, customer race cars, customized road cars, and Audi Sport lifestyle products. While the clearer new name is good news, we're more interested in the division's announcement that it will release eight new cars in the next 18 months. The company didn't reveal exactly which cars these will be, but it did clarify which cars Audi Sport is currently responsible for. These include all variants of the RS 3, RS Q3 crossover, RS 6, RS 7, TT RS, R8, and S8 plus. Since the A4/S4 and A5/S5 models were just redone, we can guess that they will be next on the list for RS-ification, resulting in new RS 4 and RS 5 models. If that includes Sportback, coupe, and cabrio versions of the RS 5, and an RS 4 sedan and Avant, that would put us up to five already. Both the A6 and A7 have only seen a minor refresh recently, so it's likely that we'll see new versions of each soon followed by their own RS variants. However, whether those fit in the 18-month window will depend on how soon we see the standard models. Our other guesses are a bit fuzzier, and based completely on speculation. We could imagine one or two ultra-high-performance R8 models being announced – something like the last-gen R8 GT, perhaps offered in coupe and spyder forms – as well as RS versions of the other members in Audi's crossover fleet, the Q5 and Q7. It's also possible one of the models could be a new customer race car, since Audi Sport currently builds and sells the R8 LMS race car. At the very least, we know the Audi Sport folks are busy and people will no longer get them confused with an all-wheel-drive system. Related Video:

Next Audi R8 E-Tron could have 280-mile range

Just 265 miles of range on a single charge? Meh. That's what the folks at Audi might be saying about the Tesla Model S and its estimated range. Because the German automaker says the next iteration of the R8 E-Tron could go 450 kilometers on a charge, or about 281 miles. This information comes from Automotive News, which cites a presentation from Audi technology chief Ulrich Hackenberg at the company's annual press conference. The fact that the car will soon be available "upon request" is also news. The project was thought to be shelved until reports came out late last year saying that Audi figured out a way to upgrade its lithium-ion battery technology to double its range. Audi spokesman Brad Stertz said the company wasn't disclosing details related to if or when the car would reach North America or how much it would cost (we're guessing a really large number of dollars) but he did say it was notable that the project was back on track. Audi made news in the summer of 2012 when the R8 E-Tron set the "series production electric car" speed record with a 8:09.099 minute-time at Nurburgring thanks to a boosted top speed of more than 155 miles per hour.