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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.

Aston Martin DBX and the craziest car redesigns | Autoblog Podcast #716

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick. They chat about slumming it in the Aston Martin DBX, the brand's first SUV, which they didn't have terribly high expectations for yet utterly blew them away. Riswick in particular notes it's one of the best cars he's ever driven, describing it as a family GT car. They then switch to a very different family vehicle: the 2022 Kia Carnival, and the unique second-row seating arrangement we've dubbed the "Captain Kirk chair." Greg has also been driving the Chevrolet Tahoe Premier. They also chat about two of Riswick's recent features: the 20 craziest car redesigns of the past 20 years and the best cars for snow.  Autoblog Podcast #716 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving Aston Martin DBX 2022 Kia Carnival 2022 Chevy Tahoe Features 20 craziest car redesigns of the last 20 years Best cars for snow Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: 2022 Chevy Tahoe Premier Walkaround | Autoblog Short Cuts

Driving the 2024 Lexus GX and Land Rover Defender 130 | Autoblog Podcast #818

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick. We kick off the week by reviewing cars we've been driving, including the new Lexus GX, Land Rover Defender 130 Outbound, Jaguar F-Pace, Hyundai Kona and our long-term Subaru WRX. Next, we break down the best wagons of the 21st century, before discussing the Audi Sport RS6 GT. Finally, we discuss a bit of the 2024 Chicago Auto Show. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #818 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2024 Lexus GX 2024 Land Rover Defender 130 2024 Jaguar F-Pace 2024 Hyundai Kona Long-term 2023 Subaru WRX Audi reveals the ultra-limited 2025 RS 6 GT 2024 Chicago Auto Show Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: 2024 Lexus GX 550 Overtrail is a more capable off-roader and looks the part