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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 with claws: 592-hp XE SV Project 8 Collector's Edition

A few years ago, and to much fanfare, Jaguar launched the F-Type Project 7. It was Jaguar Land Rover's Special Vehicle Operations (SVO) unit's first Collector's Edition car. It now has a successor – with four doors. Jaguar has announced the XE SV Project 8 Collector's Edition, which will get its official debut at the Goodwood Festival of Speed. Project 8 is as a 592-horsepower sedan that the automaker is calling "the most extreme Jaguar ever." It's powered by a specially tuned version of the company's 5.0-liter V8 engine, which will make it Jaguar's most powerful vehicle ever put into production. It will be limited to just 300 examples hand-built at SVO's Technical Centre in Coventry. As for how much it'll set you back if you're lucky enough to get your hands on one, Jaguar Land Rover Special Operations Managing Director John Edwards says Project 8 "is conceived for enthusiasts and the most discerning collectors. The price for such an extreme performance sports car available in strictly limited numbers will reflect that." Engine tuning is just one of the upgrades to the Project 8, but, for now, Jaguar is remaining vague about other alterations to the XE. Edwards says the car "takes aerodynamics and performance engineering to another level," and there's no reason not to take him at his word. The British automaker says it'll let us know more about the car on June 28, just two days before its official introduction. For now, though, we can enjoy the teaser video from Jaguar, above, which shows the XE SV Project 8 in a particularly sporty camouflage wrapper testing on the Nurburgring. Related Video: News Source: Jaguar Jaguar Performance Supercars Videos Sedan jaguar xe sv project 8

Jaguar Land Rover output at two UK plants hit by chip shortage

LONDON — Output at two of Jaguar Land Rover's (JLR) British car factories will be temporarily halted from Monday, due to COVID-19 supply chain disruption, including a lack of semi-conductors, the firm said on Thursday. "We have adjusted production schedules for certain vehicles which means that our Castle Bromwich and Halewood manufacturing plants will be operating a limited period of non-production from Monday 26th April," the Tata Motors-owned company said. The COVID-19 pandemic has driven up demand for semiconductor chips for use in electronics like computers, as people worked from home, and suppliers are struggling to adjust, hitting output at many automakers. Trade flows have also been affected. On Wednesday, carmaker Stellantis said it would replace digital speedometers with more old-fashioned analogue ones in one of its Peugeot models, as the fallout continues. Renault's finance chief said on Thursday that car production fell by tens of thousands of vehicles in the first quarter as a result of the shortage. Output at JLR's third British car factory in Solihull, central England, will continue, the company said. "We are working closely with affected suppliers to resolve the issues and minimize the impact on customer orders wherever possible."