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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 turns down offers to join V8 Supercars, questions AMG, Volvo participation

Rumors have swirled in recent weeks that Jaguar may be the next manufacturer to join the V8 Supercars racing series, made popular in Australia but now well-known in other parts of the world as well. Sadly, Jag's participation is not to be. In fact, it would be "insane," according to Jaguar Land Rover Asia Pacific Managing Director David Blackhall, for it to accept either of the two offers it has received to bring Jaguar into V8 Supercars.
Not only is Jaguar not interested in entering V8 Supercars, says Blackhall, it also fails to understand the recent entries from AMG and Volvo. "I don't know what it does for AMG to get flogged by a V8 Commodore week after week, but it's their brand, their issue. And the same thing will happen to Volvo to be honest."
Judging by Blackhall's statements to motoring.com.au, after not-so-serious consideration, the automaker decided the monetary commitment it would take to compete for wins would be more than any potential exposure would be worth, despite the fact that Jaguar has a 5.0-liter V8 to go along with what would seem to be a tailor-made rear-wheel-drive chassis. For what it's worth, one offer would have had Jaguar putting its name across an engine made by someone else, an option that was flatly turned down.

Xcar weighs in on the five best-sounding modern cars

Getting behind the wheel of a well-balanced vehicle can be a wonderfully visceral experience, thanks to the combined feeling of things like the weight of the steering, the bite of the brakes, and, of course, the roar of the engine. Unfortunately, many of the sensations of driving require actually being in the driver's seat to understand them, but thankfully the intoxicating noise of a beautifully tuned internal combustion engine can be shared with everyone. In a new video, Xcar shares their opinion on the five best-sounding modern performance cars. The list is a symphony of horsepower. As opposed to keeping all of the vehicles brand new, Xcar actually picks a few that are recently off the market. They're all definitely champs, though. While the list itself is well stocked, you might be able to argue with the specific order, and it would be nice to hear a few participants from outside of Europe for a collection like this one, too. No matter. Every listener is sure to find something they like in the bunch, though. Turn up the volume and enjoy.