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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.

2018 Jaguar F-Pace: Ambient lighting is fun and frustrating

Like so many other automobiles from this decade, our long-term Jaguar F-Pace crossover has customizable interior lighting, a part of the $2,350 Luxury Interior Package. I've previously admitted to the fact that ambient lighting has me split in opinion. On the one hand I know that it's probably going to end up being dated and uncool in the future. On the other, I actually quite enjoy it, possibly because I grew up in the neon-fueled world of early '00s import tuner culture. I also like it from a color-coordination perspective. Our Jaguar's bold blue hue called Caesium can be brought inside with equally bright illumination. It's very satisfying. But that satisfaction of having everything just so is quickly sullied as the center stack and switches are only one color that can't be changed. Admittedly, that's completely normal, but unlike many of those other cars that use neutral white illumination, the Jag's light up in the same blue/teal color that made your Razr phone look cool so many years ago. And so whether you bathe your cabin in blue, red, purple or green light, the ambient lighting will clash with the main switch gear. You can pick a shade of blue for the ambient lighting that roughly matches the switches, but I don't want to compromise my color preference because Jaguar didn't put in LEDs in that would be neutral (or, even better, change to match the ambient settings). I have other complaints about color-matching in the car, too. The instrument panel, which is a flat screen, has a few different display modes, but most of the readouts use a similar (but not quite the same) blue/teal color as the switchgear. So that doesn't match, either. Then, in the sport mode, the instrument screen switches to red. That brings me to my next gripe: all the ambient lighting switches to red when choosing this mode. I get it, red means sporty and Jaguar wants everything about sport mode to feel sporty. But damn it, I paid for custom lighting, let me keep that lighting when I'm also in a sporty mood. I actually sometimes skip the sport mode because I want to be swathed in my favorite hue more than I want slightly more sporty driving dynamics. Oh, and of course the switchgear remains teal/blue even in sport mode. So yes, this is picky. But that's the beauty of evaluating a car like the F-Pace over a longer period of time.

Buy a Jaguar E-Type continuation, get a matching wristwatch

From time to time, automakers release special branded watches. Jaguar and Land Rover are no different. The latest from Land Rover isn't particularly remarkable, but one new Jaguar piece is pretty special. Jaguar partnered with British watchmaker Bremont for a line of watches, the most impressive being a 43mm watch that commemorates Jaguar's continuation series of Lightweight E-Types. Like the cars, only six of the watches will be produced, and they will be offered to the owners of those $1.5 million cars. Each watch features a serial number that matches a corresponding car, and the faces have been designed to look like the instruments aboard the E-Types. The same goes for the hands, which look like the gauge needles. The winding crown also has a tire tread pattern that wraps around the sides, with Jaguar's heritage logo on the top. And these timepieces are built with aluminum left over from the continuation E-Types. On the back is the most impressive part, though. Here is where the watch's automatic winding weight is visible. It's shaped like a vintage steering wheel, and the outer rim is made from real wood. The weight keeps the watch and its exclusive Bremont movement wound. If you can't afford this ultra-limited watch, Bremont has a line of other Jaguar watches with many of the same design cues, at prices ranging from less than $5,000 to more than $11,000. The Land Rover watch is a bit disappointing, since it bears little apparent connection to the vehicles. Zenith, the Swiss company that partnered with Land Rover for the piece, claims the design is inspired by the Range Rover. And Land Rover claims a connection in that a British explorer wore the same series watch while completing an expedition with a pair of Range Rovers. There's also the fact that the watch and the SUV are both made of aluminum, but otherwise, the Zenith watch doesn't look particularly automotive. The box sounds pretty cool, though, since it's fashioned from Land Rover wood and upholstery. Related Video: