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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.

Introducing the 2017 Audi A4 Allroad, round 3 of our long-term test

It has been all Audi, all the time for the past few months here at Autoblog. The folks at Audi offered us a unique long-term test of the whole A4 line, a chance to see what it's like to live with the car in all its iterations. We first spent time with a Glacier White Premium Plus sedan. Then we stepped up to a Prestige sedan in Moonlight Blue. Now we're driving a Premium Plus A4 Allroad wagon in Gotland Green. We're saving what we presume will be the best for last when we take delivery of an S4. What we got The A4 Allroad shares the same powerplant as the sedans: a 2.0-liter turbocharged inline-four making 252 horsepower and 273 pound-feet of torque, with a seven-speed S-tronic dual clutch automatic. The setup briskly moves the wagon from 0-60 miles per hour in under six seconds. An Allroad starts at $44,000 MSRP for basic Premium trim. This Premium Plus tester starts at $47,000. Add $575 for the metallic Gotland Green paint - a dignified color that drew back-to-back compliments from a carwash guy and a passing postal carrier, and pairs nicely with the Nougat Brown leather interior. The car is equipped with the $3,000 Premium Plus option package, which includes a sweet Bang & Olufsen 3D sound system; heated, auto-dimming, power-folding side mirrors; an alarm system; heated eight-way power front seats with driver memory; LED headlights; and parking assist . The car also carries the Technology package, in which $3,250 gets you navigation, side and rear sensors, and Audi's elegant Virtual Cockpit instrument display. Those two equipment groups include trials of Audi Connect. The Care, Prime, and Plus packages of Connect offer services such as Google Earth mapping and Google voice search, SOS and roadside-assistance calling, dynamic route guidance, and a lot more. The blind-spot monitoring system packaged with this car is particularly nice, as it employs extra-large amber lights and an audible warning. They greatly augment the rather small, teardrop-shaped side mirrors. Finally, the wagon has the $500 Cold Weather package with heated rear seats and heated, multifunction steering wheel with shift paddles. Its high-gloss burl walnut wood inlays cost $350. Throw in the $950 destination charge and you're looking at MSRP of $52,625. What we skipped We didn't go for the $1,450 Warm Weather Package, which would have provided ventilated front sport seats with four-way lumbar support. The car also came without the rear side airbags, a $350 option.

Audi A8 sort-of debuts at 'Spider-Man: Homecoming' premiere

Audi's A8 strip-tease continues its glacial pace with the appearance of a camouflaged example at the Spider-Man: Homecoming premiere in Hollywood, ahead of the car's official debut on July 11. For those of you wondering what Audi has to do with anything Spider-Man, it's because Audi has significant product placement in the film, and the A8 has a cameo role. And if you were wondering why Audi is putting all of this effort into getting its cars in the film, just check out box-office numbers for almost any movie from Disney's Marvel Cinematic Universe. You would be crazy if you didn't want your cars to be seen by that many eyeballs. Anyway, back to the car at hand. Since the car won't officially, completely be revealed for another couple of weeks, it is still disguised, this time with some custom camouflage. Rather than thick covers and typical swirly vinyl, this car has a wrap that looks like a bunch of spider webs. There are some Spider-Man logos scattered about, too, along with a big black spider on the hood. Still, we get a pretty good look at the car ahead of time. It has a nose that is clearly based on Audi's Prologue and Prologue Avant concepts. However, the A8's fenders are much less muscular and pumped up. The lower grille is also quite restrained. According to Audi, there will be a couple of moments in which you'll be able to spot an undisguised A8 in Spider-Man: Homecoming. You'll, of course, also see a mix of other Audi products. The full reveal of the flagship sedan happens in Spain on July 11, and we expect to get full details on its specifications. We may also learn about some additional fancy technology beyond the already announced high-tech start and stop system and active suspension. Related Video:

Dysfunctional dashboards: Auto suppliers competing to clean up the cockpit

SAN FRANCISCO - Peer at the instrument panel on your new car and you see sleek digital gauges and multicolored screens. But behind the dashboard, here's what US auto supplier Visteon Corp found: a mess. As automotive cockpits become crammed with ever more digital features such as navigation and entertainment systems, the electronics holding it all together have become a rat's nest of components made by different parts makers. Now the race is on to clean up the clutter. Visteon is among a slew of suppliers aiming to make dashboard innards simpler, cheaper and lighter as the industry accelerates toward a so-called virtual cockpit - an all-digital dashboard that will help usher in the era of self-driving cars. What's at stake is a piece of the $37 billion cockpit electronics market, estimated by research firm IHS Market to nearly double to $62 billion by 2022. Accounting firm PwC estimates that electronics could account for up to 20 percent of a car's value in the next two years, up from 13 percent in 2015. Meanwhile, the number of suppliers for those components is likely to dwindle as automakers look to work with fewer companies capable of doing more, according to Mark Boyadjis, principal automotive analyst at IHS Markit. "The complexity of engineering 10 different systems from 10 different suppliers is no longer something an automaker wants to do," Boyadjis said. He estimates manufacturers eventually will work with two to three cockpit suppliers for each model, down from six to 10 today. DIGITAL MAKEOVER One of Visteon's solutions is a computer module dubbed "SmartCore." This cockpit domain controller operates a vehicle's instrument cluster, infotainment system and other features, all on the same tiny piece of silicon. So far this year, the Detroit-based company has landed two big contracts for undisclosed sums. One, announced in April, is with China's second-largest automaker, Dongfeng Motor Corp. The other is with Mercedes-Benz, Reuters has learned. Mercedes did not respond to requests for comment. Another unnamed European automaker plans to use the system in 2018, according to Visteon. Visteon is going all-in on cockpit electronics, having shed its remaining automotive climate and interiors businesses in 2016. The bet so far is paying off. The company secured $1.5 billion in new business in the first quarter, helped by growth in China. Visteon's stock price is up more than 50 percent over the past year.

Porsche says half of its sales will be electric by 2023

Porsche, whose presence in the plug-in vehicle market has been pretty minimal, now plans to substantially boost its commitment to electric vehicles in the next few years. The German luxury automaker intends to dedicate up to half its annual production to electric vehicles by 2023, Electrek reported, citing comments CEO Oliver Blume made to German publication Manager Magazin. Specifically, the company says it will be able to produce as many as 60,000 EVs annually from its Zuffenhausen factory in Germany. First and foremost will be Porsche's Mission E, which is slated to debut in 2019. That model will be able to go about 310 miles on a full charge (via the more generous New European Driving Cycle, or NEDC). Porsche first showed off a concept version of that 590-horsepower beast at the Frankfurt Motor Show in 2015. The company hasn't hinted at pricing for the car, which will have a 90-kilowatt battery and will jet from 0 to 60 miles per hour in a tidy 3.5 seconds, but expect it to be well into six figures. Porsche also plans an all-electric version of the Macan, its biggest seller. But Porsche's math indicates bigger plans than that. Porsche delivered nearly 238,000 vehicles last year, so an output of 60,000 EVs at Zuffenhausen is only a quarter of the total, not half. You can assume then that Porsche has plans to electrify other models that it hasn't announced yet, built at other factories. It might also be counting hybrids in its "half" projection. Last month, Porsche decided to discontinue its plans for a plug-in hybrid variant of its iconic 911 model, suggesting a temporary pullback of sorts. Then again, in April, reports surfaced that Porsche and Audi, both owned by Volkswagen, were collaborating on vehicle-electrification technology as well as autonomous driving advancement. Porsche's green-car sales have been so thin that Autoblog last year officially pulled the German automaker off of its monthly green-car sales tally. For 2015, the most recent year we tracked, Porsche sold 1,738 plug-in vehicles, about the same as 2014. Related Video: Featured Gallery Porsche Mission E Concept: Frankfurt 2015 View 37 Photos News Source: Electrek, Manager MagazinImage Credit: Drew Phillips Green Audi Porsche Volkswagen Electric mission

Berlin demanding costly German recall of 12 million diesel cars

BERLIN - Germany's Transport Ministry is in talks with car manufacturers about updating the engine management software of up to 12 million diesel vehicles, people familiar with the talks told Reuters on Monday. The cost of updating cars could amount to as much as 1.5 billion to 2.5 billion euros ($1.7 billion to $2.8 billion), and the ministry is demanding that vehicles with engines conforming to the euro-4, euro-5 and euro-6 standards be part of the recall, government sources said. The German government has demanded that the auto industry shoulder the costs of the update and is pushing for a solution to be presented before German elections on Sept. 24. The ministry is in talks with German auto industry associations VDA and VDIK as well as representatives from local governments to try and cut nitrogen oxide pollution by about 25 percent, the sources said. The talks come amid growing opposition to diesel in the wake of an emissions cheating scandal at Volkswagen. Several European cities including Stuttgart and Munich have considered banning some diesel vehicles because of emissions of nitrogen oxides, which are blamed for causing respiratory disease. ($1 = 0.8942 euros) Reporting by Markus WacketRelated Video: Government/Legal Green Audi BMW Mercedes-Benz Porsche Volkswagen Emissions Diesel Vehicles dieselgate

Audi workers are frustrated with 'disastrous' indecisiveness of top management

FRANKFURT (Reuters) - Audi's management board, including Chief Executive Rupert Stadler, has been sharply criticized by company managers, Bild am Sonntag reported on Sunday, citing an internal dossier. It said the executive board had shown no signals of a fresh start, change or readiness for the future, and that workers were frustrated with "disastrous" indecisiveness. Stadler has come under fire for how he has handled the fallout from parent company Volkswagen's diesel emissions scandal. Munich prosecutors have been investigating Audi on suspicion of fraud and criminal advertising in the United States, where the Volkswagen scandal broke in September 2015. Stadler only got a five-year contract extension last month because of an agreement among supervisory board members that he would not serve out his full term, two sources close to the company's supervisory board have told Reuters. An Audi spokesman said: "We deny plans to get rid of Stadler," adding that he declined to comment on the content of the dossier. Volkswagen is looking at rehiring the chief executive of General Motors' Opel, possibly to lead Audi, a source familiar with the matter told Reuters this month, following his resignation from Opel. Bild am Sonntag also quoted Oliver Blume, the head of Porsche, Volkswagen's sportscar division, as saying he had no interest in replacing Stadler. "I have a dream job and am very happy at Porsche. Nothing else comes into question for me." (Reporting by Georgina Prodhan; Editing by Nick Zieminski) Related Video:

2017 Audi A4: Allroad vs. sedan: We explain the differences

We're rotating 2017 Audi A4 models through our long-term fleet. First came the sedan, followed by the Allroad. They briefly overlapped in our garage. The Allroad is a slightly lifted 'estate' version of the sedan, but the differences go beyond that. We go into great depth in the video above. As you'll discover, there are small tweaks to the trim and styling, and larger changes involving the cargo space and pricing. Michael Austin and John Beltz Snyder explain it. Still need more info? Dive into all the A4 details using our comparison tool. Audi Long-Term Garage Crossover Wagon Luxury Videos Sedan

Audi A8's active suspension will even protect you in a crash

Audi has revealed yet another system of the upcoming Audi A8 that uses the car's 48-volt electrical system. In addition to a fancy stop-start function, the A8 will have a suspension that can be actuated by electric motors. At each corner of the car is a separate motor connected to an arm that can press down or pull up on the suspension. These motors are controlled by a computer that monitors the road with a camera to determine how the motors should react to improve ride quality and handling. In the instance of some kind of bump or other road imperfection, the car can actively raise the wheel that would go over that bump, to prevent it from upsetting the ride. When going through a corner, the car can direct the motors on the outside to push up to reduce lean, and the motors on the inside to push down to keep the tires pressed to the road. The system can also help keep the car level when stopping and starting. There's yet one more feature of the suspension that is rather interesting. In the event the car detects an impending side-impact crash, it can raise up the side that will be hit, to protect the occupants. By raising up that side, the car increases the chance that more of the energy from the impact will be absorbed by the side rails and floor, which are stronger than the doors and pillars. This nifty new suspension, and the aforementioned start-stop system, will be found on the next-generation Audi A8, which will be officially revealed on July 11. If you can't wait for that, apparently the car has a cameo in Spider-Man: Homecoming, which hits theaters on June 28. Related Video: Image Credit: Audi Audi Technology Emerging Technologies Luxury Videos Sedan 48-volt system

New Audi R8 Spyder V10 Plus is a topless brute

If the "normal" 540-horsepower R8 Spyder isn't doing it for you, the wait is over. Audi has upped its convertible, mid-engined Huracan sibling to Plus spec, which means the FSI V10 gets a whopping 70-horsepower bump, all the way up to 610. Plus, like its lowlier sibling, you get a power folding soft top that goes up or down at up to 31 mph. But wait, there's more! The normal R8 Spyder can hit 60 miles per hour in just 3.5 seconds, according to the manufacturer, while the new one will hit 62 mph in 3.3 seconds. (Since the first specs we have are for the European version, we get 0-100 km times rather than 0-60 mph times. It's clear the V10 Plus is notably quicker.) No matter where you buy one, each V10 Plus will rev out to 8,700 rpm. Top speed increases slightly, to 203.8 mph – much faster than you'd want to go with the top down, surely. The rest of the powertrain is standard R8. There's a seven-speed S-tronic dual-clutch gearbox, the only transmission available, and Quattro all-wheel drive standard. Like the standard R8, it can send up to 100 percent of its power to either axle in extreme situations, and there's a rear differential locker for added traction. While a variable-assist steering rack is an option, the standard steering box is an electromechanical unit. Inside and out, there's a lot of exotic stuff. Optional Audi laser headlights and standard Audi virtual cockpit tick the box for Euro technophiles, while diehard Audi Sport enthusiasts will appreciate the carbon fiber diffuser that adds up to 220 pounds of downforce to the package. Speaking of pounds, that top weighs 97 pounds, but the total package weighs 55 less than the regular R8 Spyder. That weight savings is due to lightweight bucket seats, carbon ceramic brakes (15 inches up front, 14 in the back), and lighter alloy wheels. The cars will be delivered in Europe in late summer. We'll know more about US-market cars soon, surely.