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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.

VW Group plan puts Porsche in charge of a 'super-premium' division

An Automobile report looks into what's happening on the organizational and technical sides of the Volkswagen Group, and what those changes could mean for the premium brands. The wide-angle view is that Porsche appears to have been anointed to "coordinate the future activities" at Audi, Bentley, Bugatti and Lamborghini. Audi would cede Lamborghini guardianship to Stuttgart, and Ducati — via a new concern called Ducati Enterprises — would become the shepherd for VW's other Italian investments. Executives target Jan. 1, 2019, to complete the reshuffle. VW wants to save a boodle by tying up four of its five top-tier brands, and putting the one with the highest ROI in charge. Porsche, within its own house, wants to reduce expenditures by $2.3 billion per year over for four years, the savings already earmarked for improving internal processes like R&D and production. Having Porsche share those gains as well as lead development of platforms, components and future-tech strategies for the sister sports car brands could benefit everyone. In the near-term, the brands have their own plans: Bugatti CEO Stephan Winkelmann is said to want a Chiron Superleggera, a roofless and "completely reskinned" Chiron Aperta, and a track-only Chiron SS. The Superleggera could take the Chiron Sport's and Divo's Jenny Craig routines even further. The Aperta seems a natural successor to the Veyron Grand Sport, a natural evolution of the recently introduced Sky View roof, and a reskin might include numerous Divo cues. It's also said Bugatti's considering "an all-electric high-end model" in conjunction with Porsche, Rimac, and Dallara, but name one supercar or hypercar manufacturer that isn't considering a lightning-fast EV. Lamborghini, deep into work on follow-ups for the Huracan and Aventador, might get a bit of a bump with the new plan. The carbon "monofuselage" for the next V12 flagship is said to be too far developed and too complex to scrap. It puts two electric motors on the front axle, batteries in the middle, and a naturally aspirated V12 with around 770 horsepower plus another e-motor with 402 horsepower in back. The Huracan is said to get a version of the same carbon architecture at the moment, but the corporate reorganization might press pause on it. Automobile says options include continuing the Huracan/ Audi R8 twinning, but that depends on Audi saying "Ja" to a third-gen R8 with Lamborghini bones.

Here's how to follow this weekend's 24 Hours of Le Mans

In the pantheon of motorsports, the 24 Hours of Le Mans stands as one of the great endurance challenges to man and machine. This year's event in France already looks to be one for the ages with Porsche setting record-breaking times in practice and the competition debut of Nissan's front-engine, hybrid racer. Thankfully, there's a massive list of ways to follow this automotive attraction. Reilly Brennan, the Executive Director of the Revs Automotive Research Program at Stanford University, and a friend of Autoblog, has once again assembled a helpful couch-kit to organize many of the options. Unfortunately, the old-school way of just turning on the television might be the most frustrating way to watch Le Mans this year. Fox Sports 1 and 2 are carrying about half the race, but the coverage bounces between them seemingly at random. The broadcast begins on Fox Sports 2 at 8:30 AM Eastern ahead of the 9:00 AM start and lasts there until 12:00 PM. Things don't pick up again until 7:00 PM Eastern on Fox Sports 1 for an hour, and the channels swap back and forth more from there. The Fox Sports Go streaming app offers more, but even it stops showing the race a few times. Thankfully, streaming Le Mans is easy. If you can't dedicate 24-hours on the couch, Radio Le Mans lets you listen to audio commentary anywhere with some of the best announcers in the biz. The Automobile Club de l'Ouest, the governing body for the race, also offers an official video stream in an app for $9.99. For a really low-tech solution, the official Twitter is another choice. Brennan is keeping his list updated with coverage changes. You can also check out and download the spotter's guide (from Nissan) in the gallery above. Enjoy this year's race. If you miss anything, don't worry; expect a full report from Autoblog. In fact, editor-in-chief Mike Austin is attending Le Mans this year, so follow him on Twitter for on-the-fly impressions. Featured Gallery 2015 24 Hours of Le Mans Spotter's Guide News Source: Reilly BrennanImage Credit: Nissan Motorsports Audi Nissan Porsche Toyota Hybrid Racing Vehicles