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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 testing facelifted XJ in UK

Europe's flagship luxury sedans don't go through their lifecycles quite as quickly as other models need to, but with the new Mercedes-Benz S-Class hitting the road, Jaguar must feel it's time for a little update for its XJ sedan. And as these spy shots demonstrate, that's just what it has in store.
Falling firmly in the subtle-facelift category (as opposed to the full refresh), the placement of the camouflage on this new XJ appears to be hiding new fascias front and rear. Reshaped bumpers, trunk lid, grille and air apertures seem to be part of the impending facelift, but for better or worse, those black rear pillars seem to be staying put.
While Jaguar's at it, we can expect some updates to the cabin as well, with upgraded infotainment, ambient lighting and such. But don't go expecting anything radical at this stage. The XJ has been on the market for about four years, and it'll be another few before it demands a complete overhaul.

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: