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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.

The diesel premium in our Jaguar XE quickly pays for itself

Our long-term 2017 Jaguar XE 20d AWD recently returned from a 2,000-mile road trip. My wife and I took a few days to visit her family in Auburn, Alabama, and it was the first real chance anyone has had to stretch the Jaguar's legs outside of Michigan. It was also a good opportunity to see what sort of fuel economy I could wring out of the XE's 2.0-liter turbocharged diesel. The diesel engine was the main reason I chose it over our equally lovely long-term 2017 Audi A4. For me, chasing fuel economy is a great way to stay focused on the road. The XE 20d AWD is rated at 30 city/40 highway and 34 combined. The drive to and from Auburn is almost entirely highway, so I knew matching the highway rating would be easy enough. The XE has a 14.8 gallon tank, so I was looking at a minimum of 600 miles per tank and four fills for the trip, counting the initial pre-departure fill. I had two main concerns: first, this was a new route, so I didn't know how available diesel would be along I-75; second, crossing the Appalachian Mountains was going to severely cut into my overall average. The first worry turned out to be a nonissue, especially as we went further south. Not once was I forced to go from station to station looking for a lone green-handled pump. People in the South love their Cummins, Powerstroke, and Duramax-powered trucks, meaning diesel pumps were plentiful. Rolling up in a Jaguar does garner attention, though. An older gentleman even asked if I knew that I was putting diesel in the car. It seems he didn't have much faith in my reading comprehension skills. The mountains were more of a problem. There was literally no getting around them, but were west of the highest parts, so it could have been worse. The indicated fuel economy dropped by 4 mpg on the way up, from 47 mpg to 43. Still, I managed more than 650 miles from a tank, though I was starting to push my luck. We filled up for the short final leg. By the time we rolled into Auburn, the display indicated 44 mpg – pretty damn good, I'd say. It held there for the entire trip. Calculating the actual mileage revealed the computer was generous by 2 mpg, but that's par for the course. Few automakers display precise numbers. The relative ease of getting this sort of fuel economy was complemented by the price of diesel. At each one of my four stops, diesel cost less than premium, the required fuel in all of the XE's gasoline engines. According to AAA, the same is true nationwide.

The best cars we drove this year

Six hundred and fifty. That's roughly how many cars pass through the hands of Autoblog editors every year, from the vehicles we test here at home, to the cars we drive on new product launches, testing roundups, long-term cars, and so on. Of course, our individual numbers vary due to several reasons, but at the end of the day, our team's repertoire of automotive experience is indeed vast. But let's be honest, some cars certainly stand out more than others. So as the year's about to turn, and as we're readying brand-new daily cat calendars for our cubicles, our editors are all taking time to reflect on the machinery that made this year so special, with one simple, open-ended question as the guide – a question that we're asked quite frequently, from friends, family, colleagues, and more. "What's the best car you drove this year?" Lamborghini Huracan When I review the list of everything I drove in 2014, picking an absolute favorite becomes almost impossible. I mean, how does one delineate between the joy offered by cars as different as the Alfa Romeo 4C, Volkswagen Golf R, Mercedes-AMG GT S and even the humble-yet-wonderful Chevy Colorado? Okay fine, I'll just pick the Lamborghini. I drove the Lamborghini Huracan LP 610-4 on a racetrack, in the mountains, and along southern coast of Spain. It felt like the king of the car jungle in all of those places, sucking the eyeballs of observers nearly out of their heads as it drove by, and almost melting my brain with its cocktail of speed and grip and intense communication. It feels a little easy to say that the one new supercar I drove this year was also my favorite, but the fact is that the Huracan is one of the finest cars I've driven during my career, let alone 2014. Judge me if you must. – Seyth Miersma Senior Editor Rolls-Royce Wraith There are a couple of ways to look at the question, "What's the best car you drove this year?" In terms of what was so good I'd go out and buy one tomorrow, that'd be my all-time sweetheart, the Volkswagen GTI. Or if I'm just talking about sheer cool-factor, maybe something like the Galpin GTR1, BMW i8, or Mercedes-Benz G63 AMG. But instead, I'm going to write about the sheer opulence of being the best of the best. The hand-crafted, holier-than-thou, shut-your-mouth-when-I'm-talking-to-you supremacy. I'm picking the Rolls-Royce Wraith. I drove the Wraith for a week in April, and was really, really impressed. This car does everything, perfectly.