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Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

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Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
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Here’s When Electric Auto Racing Is Coming to New York City

By
Kirsten Korosec
Kirsten Korosec
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By
Kirsten Korosec
Kirsten Korosec
Down Arrow Button Icon
September 21, 2016, 4:12 PM ET
Courtesy of Formula E

The FIA Formula E Championship, an all-electric urban racing series, will hold a two races in Brooklyn, N.Y. in mid-July 2017. Electric open-wheel race cars will zip around a 1.21-mile 13-turn track that winds around Pier 11 and the Brooklyn Cruise Terminal in Red Hook.

Formula E was launched as a test bed for research and development around electric vehicles to generate interest in the cars, and to promote clean energy and sustainability. The global racing series is overseen by the Fédération Internationale de l’Automobile, the same body that organizes Formula One. Formula E travels to 10 cities.

This will be the first FIA-sanctioned open-wheel race to take place within the five boroughs of New York City in modern history, according to organizers.

“To race in New York City is a historic moment,” Formula E CEO Alejandro Agag said in a statement. “When we originally started the project we could only dream of bringing Formula E to a place like New York, with arguably the most recognizable skyline of any city in the world.”

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Dilbagh Gill, CEO and team principal and Mahindra Racing, tells Fortune he is absolutely thrilled about the addition.

“It will become the crown jewel of the championship,” says Gill, who also heads the Formula E Teams Association. “Lovely city, lovely location, lovely time of the year—and an immense local motorsport fan base. I believe America will notice this championship as we will draw both traditional and non-traditional fans.”

The series has had its doubters. Critics who were skeptical that crowds wouldn’t come to watch electric cars race around an urban course. But that early apprehension has largely faded as more automakers announce plans to either sponsor teams or enter their own factory teams.

Audi AG, which has sponsored a team since Formula E’s inaugural season in 2014, announced this month it was launching its own factory-backed motorsport program for the 2017-2018 season.

Here’s What the Audi R8 Can Do:

Jaguar Land Rover has a team racing in Formula E’s upcoming season, the first time the British automaker has had a motorsport team since it left Formula One more than a decade ago.

Faraday Future, the electric car startup, announced a partnership in July with Dragon Racing, a team owned by Jay Penske that races in the Formula E series. Faraday Future will be a core technical partner and title sponsor of the team owned by Penske, a media and publishing entrepreneur who has deep roots in professional racing.

Faraday Future, which has yet to unveil a production electric car, will work with Dragon Racing over the next season to develop software meant to improve the performance of the race car’s power train.

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