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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.

2020 Jaguar XE First Drive Review | The outlier's unusual charms

ST. TROPEZ, France — It's tough out there for compact sports sedans, even top contenders like the Audi A4, BMW 3 Series, and Mercedes-Benz C-Class. Jaguar resorted to a big-winged, bestial XE Project 8 that toppled a Nurburbring record to try and gain some attention, but the regular 2020 Jaguar XE will have to attain relevance on its unwinged charms against stiff German competition. We piloted the updated underdog through jagged hills above coastal France to see how its improvements stack up. For 2020, the XE receives a few subtle but effective styling tweaks — a resculpted front bumper, a wider and more purposeful grille, and a rear bumper with slimmer LED tail lamps that make the backend appear wider and more aggressive. Aerodynamic efficiency is slightly improved or equal to the previous model, depending on equipment. But the cabin receives more critical updates, specifically a much-needed upgrading of interior materials and trim. While higher-quality materials lend the XE a distinctly more luxurious feel, also welcome is a 12.3-inch driver display screen, Jag's familiar InControl Touch Pro Duo infotainment system (optional), and modern features like a wireless phone charging pad and a new steering wheel with updated illuminated controls. Small touches like wider, softer armrests, posher seat coverings, and more spacious door pockets also elevate the passenger experience — although the rear seats are tight at the knees and head for my 5'11" frame. Speed freaks and diesel fanatics will be disappointed to learn that the XE's engine options have, in Jaguar's words, been "rationalized" for 2020, dropping the 380-horsepower supercharged V6 and 180 hp four-cylinder turbodiesel. The only available engines for 2020 are both carryover units: the turbocharged 247 hp 2.0-liter four-cylinder (dubbed the S / P250), and the R-Dynamic S / P300, which is essentially the same mill with a bigger turbo producing 296 hp. Expect 0-60 mph times of 6.2 and 5.4 seconds, respectively. All-wheel drive is optional in the P250 model ($39,900 or $41,900 with AWD), and mandatory with the P300 ($46,295). Click the gear selector into Drive, and the cabin feels quiet and well insulated as the XE accelerates. There's a noticeable, but not enormous difference between the P250 and P300's acceleration.

Jaguar F-Type's next generation could be mid-engined

Jaguar's heritage is built on sports cars powered by a big, front-mounted engine covered by a long hood. The F-Type perfectly fits into this mold, but the company is ready and willing to set tradition aside in order to inject more performance into its next two-door model. Ian Callum, Jaguar's former design director, told Autocar that he had worked with Julian Thomson, his successor, to outline what the next F might look like, and the Chevrolet Corvette's recent transformation seemingly inspired them. His proposal calls for moving the engine from directly in front of the firewall to right behind the cabin. Making the F-Type mid-engined would shift its proportions in a wider, lower, and more aggressive direction. Sound familiar? It will if you've kept up with Jaguar news over the past few years. "We could get quite close [to the C-X75]," Callum said. The jet turbine-powered, James Bond-fighting C-X75 concept released in 2010 was on track for production, but it was canceled at the last minute. Callum's comments confirm there is still a small but vocal group of engineers in Jaguar's research and development department who want to see a mid-engined coupe join the company's portfolio. Whether such a model will appear is up in the air. Callum retired to form his own design firm a few weeks ago, so the F-Type's fate is no longer in his hands. He added that the option of making the second-generation model another front-engined, rear-wheel drive two-door is still on the table. The current F will soldier on for another three years after receiving significant updates for the 2021 model year, so Jaguar will need to decide whether to stay the course or shift to a mid-engined configuration relatively soon. Either way, enthusiasts will be pleased to hear the F-Type will return.