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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.

Jaguar's Callum refutes two XJ bodystyle rumor

Not long ago, we relayed word from Edmunds that Jaguar was planning to split its next-generation XJ sedan into two bodystyles - one model that continued the ambitious design approach fostered with the current X351-based model, and another, more upright model to better appeal to China's conservative design sensibilities.
We expressed some cynicism in the idea, noting that such a strategy "might catch more profits for the marque, but it might also represent a setback to design head Ian Callum's vision for a thoroughly modern Jaguar portfolio." Callum has been quite insistent in his belief that Jag needs to be a forward-thinking brand in terms of design, and the two-model strategy seemed to conflict with that idea. We tried to get some comment from Callum at that time, but were unable to reach him.
As it turns out, our cynicism was well-placed. Autocar says that while the next XJ will continue to have two wheelbases, Callum has denied the two-model talk, saying flatly: "I can't see us doing two bodystyles. The cost would be enormous and the message inconsistent. You have to believe in what you produce and to do two bodystyles would undermine that."

Jaguar axes supercar plans, focuses on luxury EVs

Jaguar is abandoning plans to replace the XK coupe and convertible and won't build a production variant of the C-X75 supercar, according to Automobile Magazine. Previous reports indicated that Jaguar could revive the XK line as a grand tourer, but the automaker has turned toward building two electric vehicles (EV). One would be a replacement for the XJ sedan and the other a premium SUV. The large luxury EV, codenamed X590, is reported to be a four-door coupe with a rear hatch that signifies a drastic shift in strategy by Jaguar. The vehicle is said to be a compromise between Jaguar Land Rover CEO Ralf Speth and Jaguar design chief Ian Callum. According to the report, the X590 will utilize a new electronic architecture that can be adapted to accommodate the software for autonomous driving capability that was developed under former BMW engineer Wolfgang Ziebart. Jaguar looks to take on the Tesla Model S and the slew of electric vehicles from Germany with the X590. While Jaguar hopes the EV will allow the automaker to expand to a new segment, it will continue to sell the current XJ alongside the X590. Meanwhile, an unnamed source claims Jaguar will put an electric SUV on the road shortly after the X590 in 2019. Originally planned as a Range Rover, the ute is reported to have a modern look with a focus on aerodynamics. The SUV will be offered as a rear-wheel-drive model with one motor or an all-wheel-drive version with two motors. Both variants will have a choice of three battery packs based on range, performance, and charge time. Jaguar expects to put 20,000 to 30,000 units of the X590 on the road every year, while the SUV, which should be more affordable, will have a production rate between 30,000 and 50,000 units. With the electric and SUV segment continuing to grow, Jaguar is looking to capitalize with two new vehicles that could set the tone for its future. Related Video: