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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.

Ex-Jaguar design boss Ian Callum starts his own design firm

A month ago, Ian Callum stepped down from his position as Jaguar's director of design. In a 20-year career with the English sports car maker, Callum's pen has traced the lines of everything from the original XK, the XJ, the F-Type, I-Pace, and more. Before that, he made use of employ at Aston Martin by contributing to the original DB7, the DB9, the previous Vantage, and the first Vanquish. After a career in service to OEMs that's been brilliant enough to earn him a CBE, for Commander of the Most Excellent Order of the British Empire, Callum has stepped up to take the reins at his eponymous design firm, called "Callum." Established with four fellow ex-Jaguar executives, Callum will design and engineer bespoke and limited-edition creations in the worlds of art, audio, automotive, fashion, lifestyle, and motorsports. The other trio of founding members are program director David Fairborn, engineering director Adam Donfrancesco, and commercial director Tom Bird. Fairbarn was the head of bespoke and special commissions at Jaguar Land Rover, where he helped bring the Lightweight E-Type to life. Donfrancesco left his role as engineering manager for JLR 's bespoke and special commissions; before that, he developed road and race cars like the Aston Martin GT8 and GT12. Bird, after stints at PWC and Barclays, had been commercial manager at JLR, where he shepherded the C-X75 concept into the James Bond movie Spectre. Callum said of the venture, "I wanted to get back to the essence of creativity; the challenge of producing something wonderful and personal. To design the alternative has always been my mantra, but always the beautiful alternative and something to enjoy." The man's still contracted to Jaguar as a brand ambassador, but at 64 years old, he feels "I've got maybe 15 years of design aptitude left, and I want to make the most of it." With 18 employees and based in a 20,000-square-foot facility in Warwick, the firm is ready right now with the engineering and manufacturing machinery to create products in-house. Even with the company's wide remit, we expect to see Callum take a stand in the automotive space. He admitted that he'd "like to take some of the cars I've designed and maybe redo them a little bit," but the team will always consider the entire vehicle, looking to upgrade dynamics and handling, too. We're told the first project will be announced soon.

Land Rover will downsize with a pair of hybridized turbodiesel sixes

Europe's automotive industry has ground to a halt, but the strict emissions regulations that went into effect in early 2020 are still looming on the horizon. Land Rover is preparing to launch a pair of hybridized turbodiesel six-cylinder engines in a bid to comply with the regulations and avoid paying huge fines, according to a recent report. British magazine Autocar learned Land Rover has applied the mild hybrid technology already offered on the Evoque and the Discovery Sport, its two smallest models, to a 3.0-liter straight-six to obtain 300 horsepower. The company will also release a more powerful version of the six rated at about 350 horses. The former will be available on HSE, HSE Dynamic and Autobiography Dynamic variants of the Range Rover Sport, while the latter will be added to upmarket models like the HST. The full-size Range Rover (pictured) will get them, too. The sixes represent a two-pronged approach to replacing the 4.4-liter turbodiesel V8 available in Europe, among other markets. It delivers 335 horsepower and 546 pound-feet of torque, and it sends the Range Rover from zero to 60 mph in 6.5 seconds while giving it a 7,700-pound towing capacity. These figures are hard to argue against, but it's an older engine that's increasing the company's fleet-wide average emissions output, so it has to go. The mild hybrid system won't power either Range Rover on electricity alone, but it will make them cleaner and more efficient; losing a pair of cylinders will help in both areas, too. Although Land Rover hasn't confirmed plans to ax the V8 or launch a hybridized six, suppliers have started publishing information about the powertrain, so its launch is believed to be around the corner. Time will tell whether it will appear on the current-generation models or their replacements, which are undergoing shakedown testing globally and due out in the coming months. Sister company Jaguar will use the mild hybrid technology, too. The six-cylinder will find its way into the XF and the F-Pace, which are both expected to receive comprehensive updates before the end of 2020. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Talking Land Rover Defender, Ford Bronco and GMC Jimmy | Autoblog Podcast #586