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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.

The Audi R8 e-tron is dead with less than 100 built

According to a report from Car and Driver, the Audi R8 e-tron is dead (again!) after fewer than 100 examples of the all-electric model were built. This is an anticlimactic end to what could be termed an e-saga, with enough twists and turns to make a Hollywood scriptwriter sit up and start pecking out a screenplay. But here's the important number to keep in mind: 100. That's the production number the R8 e-tron failed to reach. The final tally is less than that, an Audi rep told Car and Driver. And what few were built were sold furtively, and only in Europe, in a strange back-channel in which dealers referred potential buyers right to Audi HQ, says the report. All of these transactions happened without the benefit of an online configurator or any published materials, we understand. That doesn't sound like a recipe for wild success – and neither did the $1,000,000+ pricetag. And this is just the latest stumbling block for the R8 e-tron, which was cancelled the first time back in 2012 when it was still based on the sinister, classic shape of the first-generation R8. If you recall, there was some confusion about the limited run of those first-generation cars, which were initially tipped to be sold to the public. In a strange move, Audi walked that back and held onto the cars for "internal purposes." So it was, until 2015, when we saw the second-generation R8 e-tron in Geneva. Audi promised it'd go on sale in 2015 "upon customer request," which was some foreshadowing to the unusual dealership referral sales model we discussed above. Nonetheless, it seemed like it would be a supremely interesting electric sportscar, with 456 horsepower, 679 pound-feet of torque, a 0-62 mph time of 3.9 seconds, and a range of up to 280 miles. Alas, except for the fewer than 100 European owners who managed to take delivery before Audi yanked the cord, the R8 e-tron's emissionless charms will go unappreciated. We're hoping to get more specific confirmation from Audi about the nature of the cancellation and the exact number produced; until then, stay tuned. Related Video:

Audi will have an autonomous car in 2020 using NVIDIA tech and AI

Audi and NVIDIA have been working together for a while, with most of the results being fancy infotainment systems like the current version of MMI and Audi's Virtual Cockpit display setup. Now the two are partnering to build autonomous vehicles that will leverage NVIDIA technology. Audi has a demonstrator now and promises a fully autonomous car for the year 2020. The tech underlying these new self-driving vehicles is NVIDIA's DRIVE computing platform. It uses the latest in artificial intelligence concepts, including neural networks, which are basically computer science's way of modeling decisionmaking after the way the human brain works. The network is able to learn and improve as it goes by making new connections. Machine learning tasks being handled by neural networks include computer vision, which can use a combination of sensors and cameras to help a computer, in this case the car, figure out what's going on in an environment to navigate through it. The companies are already demonstrating a version of DRIVE, the DRIVE PX 2, in the autonomous Audi Q7 shown above. The crossover is able to figure out its own path and can sense and drive on different types of surfaces, including pavement, grass, and dirt, plus it can navigate the cones of a simulated construction zone while reading dynamic detour signs. In 2018, Audi will expand testing of its autonomous vehicles on California public roads. The manufacturer has been permitted to test cars in the state since 2014. In announcing the expansion, Audi makes a point to mention it intends to follow applicable laws to the letter, which seems like more than a veiled reference to the trouble Uber found itself in recently when it didn't quite meet testing requirements in San Francisco. Audi has also promised Level 3 autonomy from the 2018 A8, which will feature a system called Traffic Jam Pilot to control the steering, throttle, and brakes at speeds below 35 mph. The company's previous autonomous work includes a self-driving RS7 track car named Bobby, which our own Jonathan Buckley got to race against in the Translogic episode below. Related Video: