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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.

Spy video shows Audi RS4 Avant twin-turbo V6 lapping the Nurburgring

Nurburgring testing season is in full swing, and Audi took some of its newest upcoming models for a spin. That means our first listen to Ingolstadt's new, turbocharged RS engine under the hood of the RS4. Based off the updated A4, the new RS4 Avant is a return to the performance variant's roots. The original RS4 (and early versions of the S4) used twin-turbo V6 power, although more recent models stuffed the beloved 4.2-liter V8 under the hood. The turbo engine in the new model is also rumored to find its way into the back of the R8 supercar. We don't know horsepower figures yet, but with 450 horsepower as the benchmark from the last RS4 we expect big numbers from the six-cylinder. The new engine might be just as powerful as the old V8, but as you'll see in the video, it's missing the phenomenal growl that the 4.2-liter made as it revved to the sky. This new car is quiet, especially compared to the ear-tingling five-cylinder note of the TT RS testing alongside the wagon. A quiet performance car is fine if you like stealth, but with its flared wheel arches, oval exhausts, and big wheels, the RS4 is a car that's anything but subtle. Related Video: News Source: Car Spy News via YouTube Spy Photos Audi Wagon Luxury Performance Videos

Hackenberg says next Audi A4 set for Frankfurt debut

The current Audi A4 is among the oldest vehicles in the brand's lineup. Having debuted back in 2008, it's long overdue for an update, and according to our friends at Indian Autos Blog, that'll happen in roughly six months. IAB spoke to Audi research and design chief Ulrich Hackenberg, who indicated that the fifth-generation A4 will be shown at the 2015 Frankfurt Motor Show in September. The new sedan will be unveiled in "a pre-presentation" before the auto show itself, Hackenberg told IAB, adding that "you'll be happy to see it." Information beyond that, though, remains sparse. Based on our previous spy photos, we expect the new A4 to ride on the Volkswagen Group's modular MLB Evo platform that's been stretched to accommodate a larger wheelbase. The styling, meanwhile, will be more evolutionary, inspired in part by the new TT. Expect more on the next-generation A4 as September approaches. Related Video: