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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.

Is Jaguar's 3 Series-fighter the brand's last chance?

The upcoming line of compact 3 Series-fighters from Jaguar, often referred to as the Jaguar XS, could consist of a sedan, wagon and possibly a coupe and GT model (think BMW 5 Series GT). The car's all-aluminum architecture also will provide the basis for two new sports utility vehicles. Just how important is the much-touted "baby Jag" project to parent company Jaguar Land Rover? A JLR executive reportedly says the brand's survival is directly linked to the success of the XS, codenamed X760, Autocar reports.
The brand's survival is directly linked to the success of the XS.
"If the X760 fails, it will probably be the end for the [Jaguar] brand," the executive says. But Adrian Hallmark, Jaguar's global brand director, claims Jaguar will "build the most advanced, most efficient, most refined car in that [compact luxury sedan] segment. Not almost as good as, but better than the best in the world."

2016 Jaguar F-Type prowls the floor with new manual and AWD options

The Jaguar F-Type has become an instant enthusiast favorite for its alluring design, powerful, sonorous engines and rewarding handling. In short, it's a worthy successor to the iconic mid-century E-Type. But Jaguar hasn't been sitting idly, and it's continuing to refine and enhance the F-Type with subtle yet significant enhancements, including a bunch that are debuting this week at the Los Angeles Auto Show. The 2016 model year brings with it all-wheel drive, which will be standard on 550-horsepower F-Type R models. AWD will be optional on mid-level F-Type S models, which run the 380-hp V6. The system sends all of the supercharged engine's torque to the rear axle in default mode, but it can also be split with up to 50 percent going to the front axle when needed. Jaguar has even added subtle visual differentiators to the the AWD models, fitting them with body-colored sills and a new hood design. The penalty? the AWD system adds about 176 pounds to the curb weight. The F-Type also gets an available six-speed manual transmission for 2016 on V6 variants with rear-wheel drive. While obviously adding a more interactive driving character, the close-ratio manual is about 22 pounds lighter than the automatic gearbox. Jaguar has also given all F-Type models electric power steering, using a stiffer steering shaft to maintain the hydraulic setup's connected feel with the road. The 2016 models will be available in the spring, and pricing will be announced closer to launch. 2016 F-TYPE Gains All Wheel Drive and Manual Transmission Options – The 2016 model year Jaguar F-TYPE sports car receives new powertrain and driveline options – A six-speed manual transmission option will be available in rear-wheel drive V6 models – Instinctive All Wheel Drive® (AWD) extends the performance and dynamic capability of the F-TYPE – The 550hp F-TYPE R is now available in both Coupe or Convertible – All F-Type R models receive AWD as standard equipment, enabling 0-60 mph in 3.9 seconds.