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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.

New Jaguar crossover to be called 'XQ'?

As part of its upcoming portfolio expansion, Jaguar will be adding two key models to its lineup in the next few years. The first is a small, 3 Series-fighting sedan tentatively called XS, and the other is said to be a new crossover, which may be dubbed XQ, as Edmunds reports. Jaguar filed a trademark application for the name "XQ" with the United States Patent and Trademark Office earlier this year, according to the report.
Jaguar executives have long said that the company is investigating new, higher-volume segments for the brand to compete in, and this certainly isn't the first time we've heard rumors of a CUV with a pouncing cat badge. Edmunds opines that since the Land Rover brand will no doubt continue to tackle the more traditional SUV segments, the Jaguar brand could easily house an offering in the luxury crossover market.
As for how a Jaguar CUV could come to fruition, Edmunds offers two suggestions. The first would be to build a vehicle on the smaller platform that will underpin the XS, as it will accommodate both rear- and all-wheel-drive applications and will be used for a number of differently sized vehicles. The second, more logical suggestion, is that the Jag CUV will ride on a version of the all-aluminum D7u platform used in the Land Rover Range Rover and Range Rover Sport.

Never-was Jaguar C-X75 hybrid supercar driven by Autocar

There's lucky, and then there's "I got to drive the Jaguar C-X75." The crew from Autocar is among the handful of souls who can honestly make the latter statement. Jaguar invited the publication down for a little time in both the passenger and driver seats around the automaker's proving grounds. While there's no end to the jealousy oozing from our pores, the good news is that there were a few cameras on hand to capture the experience. As you may recollect, the C-X75 Concept was a unique hybrid supercar concept built to duke it out with the likes of the Ferrari LaFerrari, Porsche 918 and the McLaren P1. The British automaker put it on track for production, but unfortunately stopped the project about six months ago.
With a twincharged 1.6-liter four-cylinder engine capable of revving to 10,000 rpm, the C-X75 concept yields 502 horsepower and gets partnered with four electric motors - one at each wheels. A 19kWh lithium-ion battery pack serves up 300kW of power, and combined, the motors and battery are capable of yielding an additional 194 horsepower and 295 pound-feet of torque. Combined, the driveline is good for more than 850 horsepower and 738 pound-feet of torque. Said another way, the C-X75 will do the 0-60 miles per hour dance in under three seconds.
And Autocar got to drive it. You can watch the video for yourself by scrolling below.