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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.

New Audi design chief Massimo Frascella shaped cars for Jaguar Land Rover

At the Audi brand, style and design have long been a high priority; think the super sleek and sexy A7 sedan, the Bauhaus-inspired TT coupe, the single-frame grille that instantly identified the marque with its down-the-road graphics. So when the Bavarians install a new head of design, that’s also worth a look. Massimo Frascella is that person, a 52-year-old Italian designer who this summer will succeed Marc Lichte. Lichte ran Audi design since 2014 and will take up a new role within the Volkswagen Group. Frascella, a student at the Istituto d`Arte Applicata & Design in Turin, ignited his career at Stile Bertone, and his resume after that evolves impressively. He subsequently held positions at Ford Motor Company and Kia, and since 2011, Frascella has held senior positions at Jaguar Land Rover. He was responsible for the creation of several models: Discovery Vision Concept (2014), Discovery Sport (2014), Discovery (2016), Velar (2017), Evoque (2019) and Defender. In 2019 he became creative director of Land Rover and in 2020 design director. He was also instrumental in the development of the range of new electric Jaguars that are in the works. “Joining Audi is a very special moment for me,” Frascella said. “I am deeply honored to assume the role of chief creative officer and to guide such a talented team in shaping the future of the brand to new heights of innovation and distinction. I believe in the emotional power of design to inspire, connect, and drive change, and I am here to nurture and promote creativity as the beating heart of our brand.” Looking back a couple of decades, it was one of FrascellaÂ’s predecessors who helped to cement AudiÂ’s reputation in automobile design: Walter de Silva. De Silva was appointed head of Audi design in 2002. From 2007 to 2015, he supervised the design strategy for the entire Volkswagen group, including the TT, the Scirocco, the Passat and the Golf. Not a bad list of achievements, but in a interview several years ago, de Silva said that he considered the 2007 Audi A5 coupe the pinnacle of his automotive design art, citing its “sex appeal, the shape of the lights, the architecture.” Design/Style Audi Jaguar Land Rover Volkswagen Automotive History

Eagle Spyder GT is the roadster Jaguar E-Type of your dreams

Eagle, a British company that has specialized in restomodding classic Jags for over thirty years, has rolled out a new version of their modified E-Type called the Eagle Spyder GT. If you've heard of Eagle already, it's probably for its gorgeous Speedster. The company subsequently followed up with the fixed-roof Low Drag GT, inspired by the competition model Jaguar developed back in 1961 (and recently continued). The Spyder GT splits the difference, with a chopped and raked windscreen and a folding fabric roof mechanism. Like its stablemates, the Eagle Spyder GT wears bodywork painstakingly crafted entirely out of aluminum, with exquisite detailing. No wonder that, in reviewing it on Top Gear, Jeremy Clarkson said, "I think this, by a long way, is the most beautiful car I have ever seen. It might actually be the most beautiful thing I have ever seen." That's high praise indeed from a guy who's not known to shy away from speaking his mind. Unfortunately most of us will never find out, as Eagle only produces these special editions in very limited quantities and at very high cost. Each is custom-made to the owner's specifications, with the first example of the new Spyder GT to be delivered this summer. Related Video: X EAGLE E-TYPES ANNOUNCE THE SHAPE OF THINGS TO COME - THE EAGLE SPYDER GT In Brief: - Eagle announces the third in their trilogy of special edition Jaguar E-Types - the new Eagle Spyder GT. - The Spyder GT combines the style and dynamics of the celebrated Eagle Speedster with the high performance touring capability of the Eagle Low Drag GT- and incorporates a folding roof for practicality. - Completely bespoke with extensive customer options, the few produced will be the most exclusive hand built cars in the world. Eagle has focused for over thirty years to refine, develop and deliver exceptional engineering for the Jaguar E-Type while remaining true to the spirit of this extraordinary car. The Eagle E-Type has often been described as 'the finest hand-built car in the world' and the reaction of the world's press to the successive 'special edition' Jaguar E-Types developed in-house at Eagle has been rapturous. Leading the way was the Eagle Speedster, which was developed from a client request and then feted around the world.