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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 tech counts down red lights today, reduces traffic tomorrow

Audi announced today that in Washington D.C. and Las Vegas, select Audi Q7 and A4 models will be able to take advantage of new vehicle-to-infrastructure technology. The technology was developed with Traffic Technology Services and will allow drivers to see how long it will take for a traffic light to change to green. Compatible traffic lights will send information through servers operated by Traffic Technology Services to properly equipped Audis. This may not sound like an earth-shattering feature at first, unless you're a stoplight drag racer – if Audi has its way, it may shut off the timer at about 10 seconds to prevent such a thing – but the technology opens up the door to much more useful features down the road. Audi's general manager for connected vehicles, Pom Malhotra, suggested that the information could be used with "vehicle navigation, engine start/stop functionality and can even be used to help improve traffic flow." More specifically, navigation could account for traffic light timing to divert drivers to a more efficient and faster route. It could even suggest acceleration and speed to hit signals when they're green, minimizing stops and starts. Then, for engine start and stop features, the car could selectively shut off at long stops but remain on when approaching a light that's about to turn green. Traffic lights could also start adjusting patterns based on how many cars are approaching a light or are stuck at a light, alleviating slow-moving traffic. Vehicle-to-infrastructure communication could lead to roads that waste less time and less energy. While Audi didn't elaborate on this topic, vehicle-to-infrastructure technology could also be useful for future autonomous car technology. For instance, the car wouldn't necessarily have to "see" the actual traffic light. Instead, it could rely on a separate signal from the smart traffic light to know it has to stop or go. Going a step further, the technology could be used to manage traffic so precisely that traffic signals are no longer needed, as some other groups have investigated. And, of course, the aforementioned benefits in navigation technology would help autonomous vehicles make smarter route decisions as well. The feature is currently only available on Audi Q7, A4 and A4 allroads built after June 1, 2016. It's also only available as part of Audi connect PRIME, a subscription-based service that provides various infotainment and streaming features for your Audi. While D.C.

2019 Volvo V60 vs. wagon competitors: How they compare on paper

The next-gen Volvo V60 was finally revealed this week. The outgoing model has been on sale since 2011, getting a few minor updates along the way. The new model is based off Volvo's Scalable Platform Architecture that underpins other models like the XC90 and XC60 crossovers and V90 wagon. The V60 will launch with two engines, with a powerful hybrid coming sometime down the line. Since the last V60 hit the market, Audi, Buick and BMW have all released their own flavor of wagon. Like Volvo, BMW sells a traditional sedan-based model. Audi and Buick's wagons are both high-riding models with some very slight off-road pretense, much like Volvo's Cross Country models. We don't have details on the upcoming V60 Cross Country, but, even when accounting for ground clearance, the V60, BMW 3 Series Sport Wagon, A4 Allroad and Buick Regal TourX have a lot of overlap. Check out the specs breakdown below. Discover and compare other wagons and crossovers with our Car Finder and Compare tools. Engines, transmissions and drivetrains Out of the four wagons, the new V60 is the only one that offers two-wheel drive and a hybrid variant. The base V60 T5 uses a 250-horsepower turbocharged 2.0-liter inline four and sends power to the front wheels. Stepping up to the V60 T6 nets buyers an additional 66 horsepower thanks to a twincharged — supercharged and turbocharged — 2.0-liter and all-wheel drive. A T8 model that uses a 390-horsepower plug-in hybrid powertrain will be available soon. All V60s use an eight-speed automatic. The Audi, BMW and Buick are all powered by 2.0-liter turbocharged inline-fours. Additionally, the 3 Series has a 2.0-liter turbo diesel. All three wagons have standard all-wheel drive. The BMW and Buick use an eight-speed automatic, while the Audi sends power through a seven-speed dual-clutch transmission. As base engines go, there's a four-horsepower difference between the most and least powerful models, though the Buick wins out on torque. The V60 T6 matches the Regal TourX's torque figure and trounces every competitor's horsepower rating. The V60 T8 packs more power and torque than any of the competition. Cargo and interior space The outgoing V60 was on the small side for a wagon. This new model rectifies that a bit, though its 48.2 cubic-feet of cargo space with the second-row folded is still substantially smaller than the competition.