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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.

Next-gen Audi Q7 shows off its wares ahead of Detroit

Audi has put the Q7 on a massive diet, trimming over 700 pounds. Meet what is sure to be one of the bigger debuts at the upcoming 2015 Detroit Auto Show. The next-generation Audi Q7 has been the subject of spy shots and conjecture for quite some time. After all, it was easily the oldest vehicle in the Audi range, having hit the market way back in 2006. But with this new model, Audi has comprehensively updated its fullsizer, adding some cutting-edge tech, updating some classic engines, and taking a whole lot out. As is the theme nowadays, particularly among large crossovers and SUVs, Audi has put the Q7 on a massive diet with a mix of ultra-high-strength, hot-shaped steel and aluminum, trimming over 700 pounds of body fat and lowering the Q7's weight to just under 4,400 pounds. This was accomplished while maintaining virtually identical dimensions to the current model. While Audi USA hasn't released its info on the Q7, the Euro-spec model will continue to offer a pair of engines that should be very familiar to US consumers, with a 3.0-liter, supercharged V6 gas engine and a 3.0-liter TDI V6. The European engines, though, have had their CO2 emissions halved, while actually increasing performance (we should expect similar from the US engines). The 3.0-liter TDI has been bumped up from 240 horsepower to 272 ponies, while torque is up from 406 pound-feet to 443. The 3.0-liter TDI has been bumped up from 240 horsepower to 272 ponies, while torque is up from 406 pound-feet to 443. This extra grunt has trimmed the 0-60 time from a leisurely 7.3 seconds down to 6.3, while the fuel economy has jumped up to 41.3 US miles per gallon, converted from the European cycle (so expect the EPA numbers to be a bit lower). The supercharged 3.0-liter, meanwhile, has been amped up to match the output of its application in the S4 sport sedan, jumping from 280 hp and 295 lb-ft to 333 ponies and 325 lb-ft. Once again, the 0-60 time falls dramatically thanks to the power bump and weight loss, dropping from 7.7 seconds to a far more zippy 6.1. The most exciting news is the long-rumored arrival of the Q7 E-Tron, a plug-in hybrid that's mated to a six-cylinder diesel engine and Quattro all-wheel drive. Audi claims this world-first production powertrain will return 138.4 US miles per gallon, emit less than 50 grams of CO2 per kilometer and allow the Q7 E-Tron to travel up to 35 miles on electric power alone.

Mattias Ekstr?m unleashes bonkers 600-hp Audi S1 Supercar on World RX

Mattias Ekström doesn't need to prove anything. He's won the DTM title twice and before that the Swedish Touring Car Championship. But being a racing driver as he is, Ekström has been looking for new challenges. He's contested the Swedish Rally six times, the German Rally twice, he's driven in V8 Supercars and in NASCAR. He's even won the Race of Champions. Twice. Heck, we're surprised his long-time sponsor Red Bull hasn't let him try out one of its F1 cars. But this season it's on to a new challenge: the inaugural FIA World Rallycross Championship.
Ekström drove a Volkswagen Polo fielded by Marklund Motorsport in the Swedish rallycross round last season and came in second, but this year he's diving in head-first with his own team and his own car. His outfit EKS is hard at work preparing the new Audi S1 for competition in the World RX Championship, and will field two of them this season: one for Ekström and another for JWRC champion Pontus Tidemand.
Built to compete in the top category of the championship, the EKS Audi S1 Supercar will pack a 2.0-liter turbo four with 600 horsepower, all-wheel drive and a 0-60 time of 1.9 seconds. It's expected to make its debut late in May at the World RX of Great Britain where it will have to tangle with specially prepared versions of the Citroën DS3, Ford Fiesta ST and Peugeot 208 driven by the likes of Tanner Foust, Ken Block, Jacques Villeneuve and Petter Solberg. The sole North American round will be held in Trois-Rivières, Quebec, in early August, on the same circuit that once hosted Indy Lights, ALMS, Grand-Am, Can-Am and Trans-Am races.