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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.

Eagle Spyder GT is the roadster Jaguar E-Type of your dreams

Eagle, a British company that has specialized in restomodding classic Jags for over thirty years, has rolled out a new version of their modified E-Type called the Eagle Spyder GT. If you've heard of Eagle already, it's probably for its gorgeous Speedster. The company subsequently followed up with the fixed-roof Low Drag GT, inspired by the competition model Jaguar developed back in 1961 (and recently continued). The Spyder GT splits the difference, with a chopped and raked windscreen and a folding fabric roof mechanism. Like its stablemates, the Eagle Spyder GT wears bodywork painstakingly crafted entirely out of aluminum, with exquisite detailing. No wonder that, in reviewing it on Top Gear, Jeremy Clarkson said, "I think this, by a long way, is the most beautiful car I have ever seen. It might actually be the most beautiful thing I have ever seen." That's high praise indeed from a guy who's not known to shy away from speaking his mind. Unfortunately most of us will never find out, as Eagle only produces these special editions in very limited quantities and at very high cost. Each is custom-made to the owner's specifications, with the first example of the new Spyder GT to be delivered this summer. Related Video: X EAGLE E-TYPES ANNOUNCE THE SHAPE OF THINGS TO COME - THE EAGLE SPYDER GT In Brief: - Eagle announces the third in their trilogy of special edition Jaguar E-Types - the new Eagle Spyder GT. - The Spyder GT combines the style and dynamics of the celebrated Eagle Speedster with the high performance touring capability of the Eagle Low Drag GT- and incorporates a folding roof for practicality. - Completely bespoke with extensive customer options, the few produced will be the most exclusive hand built cars in the world. Eagle has focused for over thirty years to refine, develop and deliver exceptional engineering for the Jaguar E-Type while remaining true to the spirit of this extraordinary car. The Eagle E-Type has often been described as 'the finest hand-built car in the world' and the reaction of the world's press to the successive 'special edition' Jaguar E-Types developed in-house at Eagle has been rapturous. Leading the way was the Eagle Speedster, which was developed from a client request and then feted around the world.

Autoblog Minute: Frankfurt Motor Show recap

We check in with Autoblog staffers in Germany for a recap of the biggest reveals from the 2015 Frankfurt Motor Show. Autoblog's Adam Morath reports on this edition of Autoblog Minute with commentary from senior editor, Greg Migliore. Show full video transcript text [00:00:00] As the doors of the Frankfurt Motor Show open to the world's press we venture across the Atlantic for a front row seat to all the action. I'm Adam Morath and this is your Autoblog Minute. The fall auto show season kicks off this week and Germany is set to play host. We're expecting plenty of big vehicle reveals and industry news to come out of Frankfurt. [00:00:30] [Greg Migliore Interview] [00:01:00] Be sure to check in with Autoblog for tons of great photos, video and editorial coverage on all things Frankfurt. For Autoblog, I'm Adam Morath. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Frankfurt Motor Show Bentley Jaguar Mercedes-Benz SUV Concept Cars Electric Autoblog Minute Videos Original Video