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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 F-Type SVR leaks with more power, aggressive looks

Jaguar's new F-Type SVR just leaked online, and according to the German brochure posted by Autovisie the new model in the range is a powerhouse with 567 horsepower and 516 pound-feet of torque (according to our conversions) from its 5.0-liter supercharged V8. Those figures give the SVR 25 hp and 14 lb-ft over the current all-wheel drive F-Type R. That's according to the brochure, anyway. US figures might vary slightly. The F-Type SVR is solely available with an eight-speed automatic and all-wheel drive, and the powertrain can get the coupe to a top speed of 200 miles per hour or 194 mph for the convertible. Acceleration is also quite brisk with the run to 62 mph lasting just 3.7 seconds, which makes the new model even quicker than the Project 7's 3.8-second sprint to 60 mph. The SVR shows off its extra power through a more aggressive nose with larger intakes and slats behind the front wheels to pull cool air past the brakes. The rear also gets a wing and larger diffuser. The brochure lists optional carbon ceramic brakes that are 46 pounds lighter overall than traditional units. A titanium exhaust can also shed about 26 pounds and probably makes the supercharged V8 sound even fiercer. Spy shots have shown the SVR testing, but Jaguar hasn't said anything official about it. Still, this brochure looks legit. The document makes no mention of price, but you can expect a premium over the F-Type R's $104,595 (after $995 destination) for the coupe and $107,445 for the convertible. You can check out more photos of the SVR and download the full brochure from Autovisie. Related Video:

Jaguar XJ220 leaps into Jay Leno's Garage

Having sadly canceled the C-X75 project and sat out today's hybrid hypercar race, it would be all too easy to forget about Jaguar as a supercar manufacturer altogether. But back in the early '90s, the British automaker didn't just play in the supercar game – it dominated it. The XJ220 was, for a time, the fastest car in the world. Jay Leno pays tribute in this latest video. Originally envisioned with a V12 engine and all-wheel drive, the XJ220 ultimately surfaced with a 3.5-liter twin-turbo V6 driving the rear wheels alone. None of that kept it from eclipsing the top speed achieved by every supercar that came before with a terminal velocity that didn't quite reach the 220 miles per hour initially promised, but came pretty darn close. The disappointment in the change of specification lead some to dismiss the XJ220 as a failure, but it was still the fastest thing on the road until another British supercar (in the form of the McLaren F1) took its place at the pinnacle of automotive bragging rights. Two decades later, Jaguar quite nearly drove down the same road when its initial plans for the C-X75 changed from an experimental turbine powertrain to a multi-charged inline-four. Only this time the Leaping Cat marque didn't put it into production at all, save for a few prototypes and movie props – which is a bit of a shame, and then some. Watching Jay speed down memory lane in the supercar that almost never was, we're glad that Jaguar still built the XJ220, and saddened that it never followed up with another groundbreaking supercar today. Related Video: