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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 A3 E-Tron is a look at battery-operated things to come

Audi officially unveiled the A3 Sportback E-Tron at the 2013 Geneva Motor Show. While not a production model, the plug-in hybrid gives us a good glimpse at what the German automaker has in store for future products. The five-door gets around thanks to parallel hybrid drivetrain comprised of a turbocharged 1.4-liter four-cylinder engine and a small electric motor integrated into the vehicle's six-speed dual-clutch transmission. While the four-cylinder churns up 150 horsepower and 184 pound-feet of torque, the motor contributes 100 horsepower and 242 lb-ft of twist. All told, the design allows the E-Tron to serve up its full power from just 1,750 rpm.
An 8.8-kWh lithium-ion battery sits under the floor beneath the rear seat, complete with a liquid cooling system designed to keep the pack in its optimum temperature range. The A3 Sportback E-Tron can be charged in as little as 2.5 hours with a 3.6-kW charger, yielding an EV range of up to 31 miles. The machine can also travel using the electric motor, ICE or a combination of the two for a total range of 584 miles. Check out the full press release below.

Audi S3 Cabriolet spotted in the world for the first time

Spy photographers have finally managed to lay a lens on the upcoming Audi S3 Cabriolet. The new convertible stepped out into the light of day for a little winter testing, and from the looks of things, the model will borrow plenty of design cues from the larger A5. Not that we're complaining. Word has it the S3 will put around 300 horsepower to the pavement via a quattro all-wheel drive system. We've also heard the machine will boast a dual-clutch transmission once it bows.
We've long been fans of the S3 Sportback, and the S5 holds a special place in our hearts as well. A smaller, lighter version of the big cabriolet with all of the aggressive proportions of its larger brother should prove to be a welcome addition to the Audi stable. Stay tuned for more information as it becomes available, and be sure to check out the full gallery for a closer look.