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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.

Artist imagines eerie world where cars have no wheels

The wheel ranks right up there with the telescope and four-slice toaster in the pantheon of inventions that have moved humankind forward. But what if a circle in three dimensions had never occurred to anyone, and we all had just moved on without it? Perhaps we'd be driving around in Lucas Motors Landspeeders with anti-gravity engines. Or maybe we'd have the same cars we do today, just without wheels.
That's the thought experiment that seems to have led French photographer Renaud Marion to create his six-image series called Air Drive. The shots depict cars throughout many eras of motoring that look normal except for one thing: they have no wheels. The models used include a Jaguar XK120, Cadillac DeVille (shown above), Chevrolet El Camino and Camaro, and Mercedes-Benz SL and 300 roadsters.
Perhaps one day when our future becomes our past, you'll be able to walk the street and see with your own eyes the rust and patina of age on our nation's fleet of floating cars. Until then, Monsieur Marion's photographs will have to do.

2017 Jaguar F-Type SVR is the quickest kitty in Geneva

"Always follow your local speed limits," says a disclaimer at the bottom of Jaguar's press materials for its new F-Type SVR. Granted, every single new car you can buy in America is capable of accelerating well past the highest official speed limit in the United States. This new Jaguar, though, is another matter entirely, boasting as it does a top speed of 200 miles per hour. Not since the famed XJ220 has Jaguar offered such a compelling speedster. Whereas that slinky coupe relied on a 3.5-liter, twin-turbocharged V6 engine and a five-speed manual transmission, the 2017 F-Type SVR benefits from a supercharged, 5.0-liter V8 pushing out 575 horsepower and 516 pound-feet of torque, mated to an eight-speed automatic. Also unlike the supercar of old, the SVR's all-wheel-drive system means it can potentially serve as an all-weather sportscar. My, how times have changed. Looking past its headline-grabbing 200-mph capabilities, the F-Type SVR can accelerate from 0-60 in a scant 3.5 seconds in coupe form. Buyers who prefer the wind in their hair get slightly lower performance peaks, with a 186-mph top speed and a 3.9-second run to 60. Either way, this Jag will make its owner look good, with aggressive hood vents, massive air intakes in the fascia and a carbon-fiber spoiler that automatically raises and lowers from the car's rear haunches. Considering that the F-Type V8 is already one of the best sounding cars for sale in America, we have no doubt that the SVR, with its brand-new inconel titanium exhaust system, will emit a sound second only to God's own chariot. Pricing starts at $126,945 for the coupe or $129,795 for the convertible. If we have one complaint, it's that British Racing Green is not one of the seven available colors. For shame, Jaguar. Make ours Ultra Blue and we'll forgive you, just this once. View 16 Photos Related Video: