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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 refreshes the 2018 F-Type lineup and adds a high-performance V6 model

Jaguar is giving the F-Type line a refresh for 2018 and adding two new variants. All new F-Types feature LED headlights and slightly darker taillights. Every model except the SVR also gets updated front bumpers. The most noticeable change is the side vents, which morph from the double slots to single openings in most cases. The F-Type R's large side vents are bisected horizontally. The two new F-Type models are the R Dynamic and the limited edition 400 Sport. The R Dynamic isn't particularly exciting, since it's pretty much just a dress-up package for the entry level 340- and 380-horsepower F-Types. All the model adds are 19- and 20-inch wheel options, as well gloss black-painted hood vents, splitter, side sills, and rear diffuser. The 400 Sport, on the other hand, comes with much more. It's only available for one year, and comes with a modified supercharged V6 producing 400 horsepower. The 400 Sport can be ordered with either rear- or all-wheel-drive, but the 8-speed automatic is the only available transmission. The car also benefits from larger 15-inch brakes at each corner. Owners of the 400 Sport can personalize their driving settings as well, thanks to the car's Configurable Dynamics system. Inside and out, the 400 Sport gets some visual upgrades, too. It includes the Sport Design Pack, which adds a deeper front spoiler, larger side sills, and a rear diffuser. A flat-bottom steering wheel, yellow contrast stitching, and black brushed aluminum accents finish off the interior. There are also plenty of 400 Sport badges on the car. View 12 Photos The two other major changes for the F-Type line involve infotainment. One of which is that every model now comes standard with Jaguar's Touch Pro infotainment system and its 8-inch touchscreen with which the driver can interact. The other is a cool new app the company developed with GoPro. It's called ReRun, and it allows the driver to connect a GoPro camera to the car, and download footage to the phone. The reason for connecting the camera to the car, is so that it can add telemetry data including speed, gear, g force, and steering and brake inputs to the video footage. After a spirited drive in the country or on a racetrack, the footage can be downloaded to the phone to be reviewed and shared. The app even generates "highlights" automatically. The new F-Type range will go on sale in the first quarter of 2017.

Top Gear has an Extra Gear problem | Episode Review

When the BBC announced Extra Gear, I was excited. As an avid fan of show's like The Talking Dead – companion show to AMC's hit The Walking Dead – a behind-the-scenes look at my favorite motoring show sounded promising. But with the fifth episodes of each show, I'm worried that Top Gear is suffering to keep Extra Gear interesting. We'll start with Chris Evans, inarguably the most heavily criticized member of the new Top Gear team. Evans is progressively less shouty and more comfortable filming while driving in each episode – the fifth is no different. He's almost likable in the Zenos E10 video, like a ginger James May, and he delivers accurate and eloquent driving impressions. The review is entertaining, until Extra Gear shows the producers cut a huge element – an old-versus-new sprint around the Race of Champions circuit at the Olympic Stadium in London. Former Formula 1 ace David Coulthard would drive a Caterham 360, while current F1 pro Daniel Riccardo rocked the Zenos. If the entire premise of Evans review is that the Zenos E10 is the newest of the new for British super-lightweight track toys, why did the producers decide to leave a race against the segment's standard bearer for Extra Gear? It's a baffling move, cutting a segment of the film that reinforces Evans' excitement over the Zenos. Rory Reid's Jaguar F-Type SVR piece is excellent. Fifty five years to the day after Jaguar test driver Norman Dewis raced to the Geneva Motor Show in a second E-Type for display, Reid would attempt the same feat in an SVR. If he failed, Jaguar wouldn't have a car to display. Dewis made the 750-mile trip with 13 hours of notice, and Reid would need to do the same. It's a brilliant, simple premise that reminded me of Jeremy Clarkson's so-called "Race against God" in a Jaguar XJ, way back in season 16. The history of the challenge and Dewis' gravelly commentary add gravitas. But the entire film goes by so fast. It's longer than Evans' Zenos video or Harris' BMW M2 film, but at less than ten minutes, Reid and the SVR deserved more screen time. Extra Gear poured salt in that particular wound with a great segment featuring Norman Dewis that deserved to be in the main show. Reid takes the famed test driver for a spin around the Dunsfold track, then, instead of the comedian of the week, the hosts interview Dewis on Extra Gear's couch.