1974 Jaguar E Type V12 on 2040-cars

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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 planning additional models, engines

Jaguar is in the midst of a product offensive, rolling out the new XE and XF sedans while preparing the upcoming F-Pace crossover. But it's not about to sit on its leather-upholstered laurels. According to Motor Trend, the British automaker has a slew of projects in the cooker. For starters, there will reportedly be more versions of the flexible new Ingenium engine family. The lineup is being launched with gasoline and diesel four-cylinder engines, but is tipped to breed smaller three-cylinder versions as well to slot into a variety of Jaguar and Land Rover models. More intriguing, however, is the suggestion that Coventry is planning to replace its long-serving 3.0-liter supercharged V6 with a new straight six engine that could go turbocharged – which would make some sense out of the 35t moniker being worn by the supercharged XE. Of course Jaguar is going to need some new vehicles to slot those engines into, and MT suggests there are several possibilities under consideration (if not actual current development). The XE could breed wagon, coupe and convertible versions, as well as an SVR variant to take on the the BMW M4, Cadillac ATS-V et al. If the F-Pace proves a success, it could lead to larger and smaller crossovers in the future. The next XK is tipped to grow larger and go up-market. There, it would compete with the likes of the Bentley Continental GT, Rolls-Royce Wraith and Mercedes S-Class Coupe, while steering clear of the smaller F-Type. Related Video:

Jaguar F-Pace SUV teased on YouTube [UPDATE]

UPDATE: Stuart Schorr, Jaguar Land Rover North America's VP of communications, reached out and explained that the Detroit section of the F-Pace video was recycled from the car's confirmation announcement at the 2015 North American International Auto Show, shown here. "There is 100 percent no subliminal message and Frankfurt is the debut location," Schorr told Autoblog. The story has been edited to reflect this information. With the Jaguar F-Pace slated to debut in less than 90 days, at the 2015 Frankfurt Motor Show, the teasers are starting to ramp up. That means videos like this, featuring Jaguar design master Ian Callum, which give us short, sweet peeks at the British brand's very first crossover. The big teasers come in the form of Callum's drawings of the F-Pace, combined with short clips of its headlights and taillights as it zooms around the streets of downtown Detroit. That said, none of the images shown are so dramatically different from the C-X17 Concept, the vehicle that previewed the production model and makes an appearance here. We aren't really sure why the Motor City features in the teaser, considering the F-Pace is being unveiled in Germany, but one of the final sequences sees a set of taillights streak past Cobo Center, home of the annual Detroit Auto Show. It's a weird decision to be sure, and leaves us wondering just how much truth there is to reports of the Frankfurt debut. Why would Jag make such a decision if the D weren't going to play some role in the car's future? Take a look at the video up top, and let us know what you think of Jag's first F-Pace teaser. Is there any particular design detail we missed? What do you think of the potential Detroit connection? Head into Comments and let us know.