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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.

Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

2017 Jaguar XE

You've seen this movie before. Topple the BMW 3 Series has gone more rounds than The Fast and The Furious and The Transporter combined. But like any good cinematic retread, this time it's different. For starters, the latest installment is a zombie flick. Born from the ashes of Ford ownership and the failed X-Type, the 2017 Jaguar XE is coming to save us from the somnambulant, undead Bimmer. Think Army of Darkness with luxury sport sedans, and you'll understand what we're going for. Okay, the plot is only based on a true story. The reality in the automotive world isn't as dramatic as most car journalists would like you to believe. But the XE is hugely important for Jaguar's desire to increase global production. You're looking at the future best-selling model. It's built on an all-new body structure that forms the basis for all the brand's upcoming sedans. The smallest, most affordable Jaguar also launches with a new engine family, built in a new factory in England. The XE arrives stateside in early 2016 with two available engines. A 2.0-liter diesel from the new Ingenium lineup is the entry-level model. Above that is the supercharged 3.0-liter V6 familiar to the Jaguar and Land Rover lineup. A turbo 2.0-liter gas engine will come in below the diesel at a later date, with an optional manual transmission. The XE versions on launch will offer rear- or all-wheel-drive. Pricing information is yet to be revealed. Until then, just assume the XE will mimic its competitors for price and content. We spent most of our time driving the 35t with R-Sport trim, but check back for a driving impression of the diesel in a few days. As we reported in our prototype drive of the XE earlier this year, this car has incredible steering feel. It's the supernatural aid in the XE's monomyth if any film buffs are still paying attention. The electrically assisted system ranks in the hall of fame with the rack on the current Porsche 911 Carrera. Lightly weighted, the loads build up in the steering wheel like it's wired to strain gauges on the sidewall of the front tires. It's not just good programming that makes the XE steer so well, although that's a big part. The rest comes from the chassis. Jaguar engineers claim the double wishbone front suspension uses lessons learned from the F-Type. The rear part of the car's quick responses comes from a multi-link setup Jag calls integrated link. A body 20-percent stiffer than the current XF also contributes to sharp reflexes.