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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.

2018 Jaguar updates include a new 247-hp four for XE, XF, and F-Pace

Jaguar has announced changes and updates to its 2018 XE, XF, and F-Pace models, and the big one is a brand-new Ingenium four-cylinder engine. It replaces an older four-cylinder that was available on the 2017 XE line, and it will be the first gasoline four available on both the bigger XF sedan and the F-Pace crossover. This latest Ingenium engine is a turbocharged 2.0-liter gasoline four-cylinder like the older Jag engine it replaces; this one has its exhaust manifold integrated into the cylinder head, and it uses a twin-scroll turbocharger. It produces 247 horsepower and 269 pound-feet of torque, which are improvements of 7 hp and 18 lb-ft over the XE's old turbocharged four. Plus, peak torque is also available a bit lower than with the previous engine, at 1,200 rpm versus 1,750. It shares its architecture with the Ingenium diesel four-cylinder. The XE also gets some powertrain love at the top of the range, borrowing an engine from its bigger siblings. Jaguar is introducing a new XE S model with the 380-horsepower supercharged 3.0-liter V6. Previously, the most powerful engine available on the XE was the 340-horsepower version of that V6, which will still be available. The XE gets another upgrade in the form of an available 12.3-inch instrument panel display, when optioned with the Jaguar Touch Pro infotainment system that's also available on the other models. The big news for the XF is that its base price drops ever so slightly now that a four-cylinder model has been added. The rear-drive model with the new Ingenium engine starts at $48,770 as opposed to $49,245 for the cheapest 2017 XF, which had a diesel four-cylinder and rear-wheel drive. The downside is that diesel buyers will be paying $50,270 for the 2018 version of the same car. Some other technology upgrades have permeated the lineup as well. These 2018 Jaguars will be available with a forward cross-traffic alert and a system that will show steering angle and distance to objects on screen during slow forward maneuvering. The latter seems mainly useful for tight parking spaces. These features are available with Jaguar's Surround Camera System. Jaguar also introduced a system that will allow users to pay for gas (or diesel) from the car's touch screen using Apple Pay, Android Pay, or PayPal. The system will be introduced first in the UK and later this year in other markets, and it can only be used at Shell gas stations. Related Video:

2017 Jaguar F-Type SVR is a very fast, very angry kitty

Well, Jaguar has gone and done it. The British marque hit the perfect sweet spot with its newest F-Type, the range-topping SVR, landing squarely in a price/performance segment its butt-engined rivals from Stuttgart aren't playing in. Confirming our previous reports, the new SVR will debut at the 2016 Geneva Motor Show with the latest version of Jaguar Land Rover's 5.0-liter, supercharged V8. With some fettling by the team at JLR's Special Vehicle Operations, the engine has been boosted to 575 horsepower, 25 more than F-Type R. Torque is up from 501 pound-feet to 516 pound-feet, while the 0-60 time has dropped from 3.9 to just 3.5 seconds. And yes, 200 miles per hour is possible with the hardtop – the convertible will only do 195. That means you'll be getting more power, more torque, a quicker run to 60, and a higher top speed than an all-wheel-drive Porsche 911 GTS, but for just $5,000 more, a figure that's quickly erased by Porsche's insane options catalog. The Jag can't stand up to the 0-60 performance of 540-hp, 2.9-second 911 Turbo or the high speed of the 205-mph Turbo S, but with prices for the SVR Coupe starting at just $126,945 ($129,795 for the droptop), it's going to cost anywhere from $33,000 to $62,000 less than the Carreras. With only modest increases in output, it's pretty clear SVO made some bigger changes to score an extra 14 mph on the high end and cut 0.4 seconds off the 0-60 time. At its most basic level, the SVR is 55 pounds lighter than the F-Type R, thanks in large part to the new Inconel titanium exhaust, which cuts 35 pounds of fat (and makes for a more sinister note, we're told). Tack on the optional carbon-ceramic brakes, along with a few carbon-fiber accents, and the overall savings sits around 110 pounds. JLR is also promising faster performance from the eight-speed ZF automatic transmission, which still sends its power to all four wheels. Speaking of which, the new 20-inch forged aluminum alloys are shod in wider Pirelli PZero – 265s in front and 305s in the back, compared to 255/295 on the R model. There is also the usual array of aesthetic and aerodynamic changes. You can check out the more aggressive body work in the full gallery, but know the changes contribute to improved cooling and cut the coefficients of drag and lift by up to 7.5 and 45 percent, respectively, when the adjustable rear wing is in its aerodynamic down position, and 2.5 and 15 percent with the wing up.