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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 Activity Key | 2017 Autoblog Technology of the Year Finalist

In principle, the Jaguar Activity Key is a good idea. It's simple, useful, and relatively inexpensive. Unfortunately, in our testing it was less than reliable. Here's how it's supposed to work: To lock the car, leave your keys and fobs inside the vehicle, and strap the band on your wrist. Then, within 30 seconds, place your banded wrist against the letter J of the Jaguar script on the back tailgate. When you come back, you can unlock the vehicle by pressing the tailgate opening button, then, again within 30 seconds, placing the Activity Key band against the J of the Jaguar script. We chose the Jaguar Activity Key as a finalist for our 2017 Tech of the Year award because it's an uncomplicated device with lots of potential customers. Jaguar says the wristband is "robust and fully waterproof." Swimmers, surfers, kayakers, hikers, and even couples out for a sunny-day picnic could use a feature like this wristband key. Plus, wearables are pretty new as a category in general, and even more so in the automotive space. We didn't go skydiving with it or anything (an activity Jaguar cites as a potential usage case), but we did dunk it in water with no ill effects. While it all sounds good in theory, actually getting the Activity Key to work effectively was unexpectedly difficult, especially when the cameras were rolling. We tried varying the timing between closing the door and using the wristband, as well as between using the tailgate button and the wristband. It worked about half the time, regardless of our process or who was wearing the wristband. Whether our issues with the wristband were due to interference, new-technology teething problems, or just electrical gremlins, the idea of purposely locking the keys inside an automobile without having a foolproof way to unlock it gives us reason to pause. The Activity Key is a $400 standalone option on the 2017 Jaguar F-Pace, but only on Prestige, R-Sport and S models. The least expensive F-Pace with Activity Key costs $51,095.

Jaguar Land Rover remains bullish on diesels

Despite Volkswagen's recent diesel scandal, Jaguar Land Rover is pushing ahead with ambitious plans to roll out the technology across most of its lineup in the coming years. Jaguar and Land Rover will add diesel engine variants to every model in their lineups, except for the Jaguar F-Type sports car. Land Rover launched the Range Rover and Range Rover Sport with available 3.0-liter turbocharged V6 diesels, and together they have sold more than 330 units so far in September, their first month on sale in the United States. JLA officials say they've seen no fallout from VW's emissions problem and are adamant their diesels meet EPA standards. "That has been our strategy, and it is not changing," Joe Eberhardt, Jaguar Land Rover North America CEO, told the Automotive Press Association on Wednesday in Detroit. "You have to deal with the situations as they arrive. We are confident of diesel." Jaguar will get another diesel next year from its Ingenium engine family, which will initially be sold in the XE sedan and the F-Pace crossover. It's a turbo 2.0-liter four-cylinder unit and makes 180 horsepower and 317 pound-feet of torque. A JLR spokesman said the Ingenium has not yet gone through the EPA certification process, and the diesel-powered models will arrive in the fall. Jaguar also plans to add diesel engines to the flagship XJ and XF sedans. Land Rovers, including the Discovery and Evoque, will also get diesel options, and the company estimates the technology will offer 20- to 30-percent improvements in fuel economy, depending on the vehicle. Eberhardt said it is "too soon to tell" if the diesel market will be weighed down by Volkswagen's situation. The German automaker admitted to cheating on emissions tests to make its diesel-powered cars appear to run cleaner than they actually do in real-world situations. The ensuing outrage forced longtime VW chief executive Martin Winterkorn to step down and prompted a reorganization of the company, which faces legal and regulatory action around the world. Still, Eberhardt maintains JLR is "very confident" in its diesels, which are part of its strategy to grow sales around the world. Land Rover has experienced rapid growth under the ownership of Indian conglomerate, Tata Motors, while Jaguar is set to revitalize its lineup with new entries like the XE and F-Pace to reach a broader market segment.