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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.

Recharge Wrap-up: Air Liquide buys Airgas, Audi automated parking in Boston

Air Liquide will buy US competitor Airgas for $13.4 billion. The Paris-based industrial gases company — also a major producer of hydrogen gas — will pay $143 per share in the acquisition of Airgas. The deal could help Air Liquide surpass German rival Linde as the world's top industrial gases company. "The US is a very attractive gas market, it's the largest industrial gas market worldwide," says Air Liquide CEO Benoit Potier. "It's the fastest growing market among advanced economies." Read more from Bloomberg. The US Department of Energy (DOE) will announce a new funding opportunity for hydrogen and fuel cell technology. Expected to be worth up to $35 million, the funding will focus particularly on the research, development and demonstration of technology for light duty passenger vehicles with the goal of reducing greenhouse gas emissions and petroleum consumption. This includes hydrogen production, delivery and storage, as well as fuel cell technologies, manufacturing and analysis. The DOE expects to issue the Funding Opportunity Announcement around December 10. Read more at Green Car Congress. Audi will bring network infrastructure and automated parking to the Boston area. In an agreement with the city of Somerville, Massachusetts, Audi will work to improve traffic flow and increase the efficiency of space used for parking. As the city continues to develop, Audi's automated parking project will help decrease the amount of land needed to park cars, and the extra space can be used for more important real estate. Also, an intelligent traffic management project connecting cars to traffic lights can help reduce congestion. Read more in the press release below. Audi brings automated parking to the Boston area November 17, 2015 | INGOLSTADT/BARCELONA • Memorandum of Understanding between Audi and the US city of Somerville • Urban innovations – networking with traffic lights and automated parking • Real-estate developers save space and money thanks to self-parking cars Audi and the city of Somerville, Massachusetts, are planning joint innovations for the city of the future on the east coast of the USA. Audi CEO Rupert Stadler and Mayor Joseph A. Curtatone signed a Memorandum of Understanding in the context of the Smart City Expo World Congress in Barcelona. They agreed to develop an urban strategy for Somerville, applying technologies for swarm intelligence or automated parking, and networking cars with traffic lights.

Mercedes chief invites Audi, BMW to compete in F1

Mercedes-Benz didn't just win the Formula One World Championship in 2014 – it positively dominated it. The team won all but three of the grands prix this season, scoring a one-two finish at more than half of them and landing at least one car on the podium at every race without exception. It goes without saying, then, that the German automaker thrives on competition, but now it's welcoming even more. Speaking with Germany's Sport Bild at its homecoming celebration in Stuttgart, Daimler chief Dieter Zetsche welcomed Mercedes' biggest rivals Audi and BMW to join it on the F1 grid. Noting that the three German brands share some 80 percent of the market for luxury automobiles, Zetsche said that F1 would make a natural arena of competition for Mercedes, Audi and BMW to fight for top bragging rights. The three currently compete against each other in front of home audiences in the DTM touring car series – effectively Germany's equivalent to NASCAR – but of the ten races held this year, the majority were in Germany itself, and all of them took place in Europe. BMW last competed in F1 when it bought the Sauber team in 2006, but withdrew from the series in 2009. Despite its progenitor Auto Union having fielded the famous Silver Arrows in pre-war grand prix racing, Audi has never been a player in modern F1 racing, though recent rumors have linked it to a potential foray – spurred by the arrival of sister-company Porsche on its home turf at Le Mans, the departure of several of its key endurance drivers and the hiring of former Scuderia Ferrari chief Stefano Domenicali. Porsche had similarly considered an F1 program before getting the go-ahead to compete with Audi at Le Mans. As for the prospect of Mercedes competing in other international racing series, Zetsche added that year-long preparations for 24 hours of racing at Le Mans didn't present a good cost-benefit ratio in his estimation, but that Formula E (where Audi currently supports a quasi-works entry) would be worth a closer look.