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The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.

Jaguar F-Pace V6 reminds us why we love supercharged engines

There are many things we like about our 2018 Jaguar F-Pace long-term car, as well as some things we don't care for, but easily one of the best things about it is the engine. Under the hood is the 380-horsepower supercharged V6 that Jaguar offers on other models. That amount of power would be fun in just about any car with any engine, but there are specific reasons why this particular engine is special, and it's because of that supercharger. Supercharged engines have a very different character than increasingly common turbo engines. One of the most noticeable differences being engine response. Unlike turbo engines, the F-Pace's V6 feels hardwired to your foot. Every extra millimeter of pedal travel yields a slightly greater amount of tug. And the tug is felt immediately. Even the best turbo engines have a hard time recreating this response. The power band is very linear, as well, so you know exactly what you're getting every time you hit the gas. The engine is wonderfully torquey, too. Because the Jaguar's engine uses a classic Roots-type blower, there's a major improvement in low-end torque. This means that our F-Pace has loads of grunt for punting around at low-rpm and can seriously move when tromping on the gas. And because of the near-instant throttle response and linear power band, it doesn't slam you in the back unexpectedly like some turbo engines do. Despite how great these supercharged engines are to experience, we're concerned that supercharged engines like this may disappear in all but ultra-limited production, high-performance cars such as the Chevy Corvette Z06 and Cadillac CTS-V. The reason being that car companies have to keep making cars more fuel efficient and lower emitting. Putting a supercharger on an engine is adding a handicap, since it takes engine power to spin the belt-driven supercharger. And when a turbo, which uses wasted energy from exhaust gas to spin the compressor and built boost, can effectively do the same thing, it's hard to make a case for a supercharger. We won't give up hope completely, though. Mazda is using superchargers on its spark-assisted compression ignition gasoline engines. And while we're not sure how powerful and sporty those will be, Mazda has said that it's going with superchargers for exactly the reasons we like the Jaguar engine: smooth power and fast throttle response.

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.