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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.

2017 Jaguar F-Type SVR is a very fast, very angry kitty

Well, Jaguar has gone and done it. The British marque hit the perfect sweet spot with its newest F-Type, the range-topping SVR, landing squarely in a price/performance segment its butt-engined rivals from Stuttgart aren't playing in. Confirming our previous reports, the new SVR will debut at the 2016 Geneva Motor Show with the latest version of Jaguar Land Rover's 5.0-liter, supercharged V8. With some fettling by the team at JLR's Special Vehicle Operations, the engine has been boosted to 575 horsepower, 25 more than F-Type R. Torque is up from 501 pound-feet to 516 pound-feet, while the 0-60 time has dropped from 3.9 to just 3.5 seconds. And yes, 200 miles per hour is possible with the hardtop – the convertible will only do 195. That means you'll be getting more power, more torque, a quicker run to 60, and a higher top speed than an all-wheel-drive Porsche 911 GTS, but for just $5,000 more, a figure that's quickly erased by Porsche's insane options catalog. The Jag can't stand up to the 0-60 performance of 540-hp, 2.9-second 911 Turbo or the high speed of the 205-mph Turbo S, but with prices for the SVR Coupe starting at just $126,945 ($129,795 for the droptop), it's going to cost anywhere from $33,000 to $62,000 less than the Carreras. With only modest increases in output, it's pretty clear SVO made some bigger changes to score an extra 14 mph on the high end and cut 0.4 seconds off the 0-60 time. At its most basic level, the SVR is 55 pounds lighter than the F-Type R, thanks in large part to the new Inconel titanium exhaust, which cuts 35 pounds of fat (and makes for a more sinister note, we're told). Tack on the optional carbon-ceramic brakes, along with a few carbon-fiber accents, and the overall savings sits around 110 pounds. JLR is also promising faster performance from the eight-speed ZF automatic transmission, which still sends its power to all four wheels. Speaking of which, the new 20-inch forged aluminum alloys are shod in wider Pirelli PZero – 265s in front and 305s in the back, compared to 255/295 on the R model. There is also the usual array of aesthetic and aerodynamic changes. You can check out the more aggressive body work in the full gallery, but know the changes contribute to improved cooling and cut the coefficients of drag and lift by up to 7.5 and 45 percent, respectively, when the adjustable rear wing is in its aerodynamic down position, and 2.5 and 15 percent with the wing up.

Jaguar XE SV Project 8 is a 592-horsepower monster

Move over, F-Type, Jaguar has a new performance flagship. The Special Vehicle Operations division of Jaguar Land Rover applied its expertise to the XE sports sedan to create an absolute monster of a car. Named the XE SV Project 8, it features a 5.0-liter supercharged V8 pumping out 592 horsepower and 516 pound-feet of torque. That power goes through an eight-speed automatic and an all-wheel-drive system with an electronically controlled torque-vectoring rear differential. In practice, this will rocket the super sedan to 60 mph in a claimed 3.3 seconds on the way to a 200 mph top speed. The XE SV Project 8 is not only about raw power and speed, though. Lightweight carbon fiber bumpers, front fenders, and hood have been fitted. The fenders are significantly wider, too, which cover 265-mm wide tires up front, and Hellcat Widebody-rivaling 305-mm wide tires in the back. The added grip is supplemented by stiffer springs and retuned anti-roll bars and shocks. The front splitter and rear wing are adjustable, as is the ride height. Carbon ceramic brakes are also included with six-piston front calipers and single-piston rear calipers. All of these pieces should come together to make the XE SV Project 8 just as impressive in the corners as in a straight line. View 12 Photos The interior has undergone an overhaul, too. The standard model has seating for four, featuring front buckets with magnesium frames, and more sculpted rear seats. Carbon fiber and Alcantara can be everywhere throughout the cabin. All of the typical Jaguar comforts are still present, as well, including 4G Wi-Fi, climate control, LCD displays, and a 380-watt sound system. The dial shifter in the regular XE also gives way to an F-Type-style lever allowing for manual shifting via the lever instead of paddles if you so choose. There is an additional interior configuration for the XE SV Project 8 that won't be available in the US and Canada. Called the Track Pack, it completely removes the rear seats, and the front buckets are replaced with carbon fiber units. In place of the rear seats is a roll cage with harness points for fitting the included four-point harnesses. The pack also adds a fire extinguisher system along with a black roof and stripes. The Jaguar XE SV Project 8 will make its full public debut this week at the Goodwood Festival of Speed. Only 300 of the cars will be built, and all of them will be assembled at the Jaguar SVO facility.