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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.

Dick Van Dyke escapes his flaming Jaguar on the 101

Actor Dick Van Dyke was caught in a dangerous situation on a Los Angeles highway (who are we kidding, every situation on an LA highway is dangerous), when his Jaguar XJ spontaneously caught fire. The 87-year-old actor/comedian pulled to the side and attempted to call emergency services when another motorist pulled him from the car. There seems to be some confusion as to whether Van Dyke was passed out or merely calling emergency services.
According to the photos and video from NBC and The Today Show, the car was thoroughly cooked in the blaze and is now a total loss. After the incident, Van Dyke's wife, Arlene, posted that the actor was "fine," sharing a Vine video of the star, the car, and a few CHP troopers that were on hand. Later in the day, Van Dyke tweeted a photo of his toasted sedan, saying, "Used Jag for sale REAL CHEAP!!"
You can view the Today show segment on the incident as well as Arlene Van Dyke's Vine video, below.

Jaguar XE SVR to challenge M3, C63 with supercharged V8 power

Jaguar has a healthy powertrain range lined up for its new XE, including an array of four-cylinder engines and a supercharged 3.0-liter six that will, for now, serve as the range-topping offering in the XE S. But Car and Driver claims to have it on good authority that an even more powerful eight-cylinder version is in the works, as well. According to C/D, the XE's engine bay has been designed to accommodate the company's ubiquitous 5.0-liter V8 engine, which in the larger XF is offered in several states of tune, including the XF Supercharged with 470 horsepower, the XFR with 510 hp and the flagship XFR-S with 550 hp. Just which version (or versions) would be offered in the XE remains to be seen, but even in its lowest-spec supercharged form, the 470-hp version would already be enough to challenge the 425-hp BMW M3 and the base 469-hp version of the new Mercedes-AMG C63. If Jaguar wants to take on the C63 S, however, it will need to shoehorn in one of the more powerful versions. In the end, Coventry's new Special Vehicle Operations division may opt to offer two versions, like it does with the XFR and XFR-S. Expect the top version, however much muscle it packs, to wear the British automaker's new SVR badge. It just may take a few years before it does so.