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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 takes bite out of Mercedes' Magic Body Control chicken ad

We were quite impressed by Mercedes-Benz when it aired its Magic Body Control commercial, starring a group suitably funky chickens demonstrating their ability to jive to Diana Ross and the Supremes. Now, Jaguar has taken the opportunity to poke some fun at its German rival, releasing its own take on the Magic Body Control spot, and um, there's a big cat involved.
You'll really want to take a look at this video, which is just another sign that in terms of clever ads, Jaguar is doing quite well. We aren't sure if "Jaguar vs. Chicken" will make it onto TV any time soon, but it's still fun to see the British brand take the mickey out of Mercedes - it's rare to see automakers go after each other so bluntly in their marketing efforts. Scroll down to watch the video (we've also included a bonus video, Jag's recent "Cat In A Box" spot).

Jaguar E-Pace has an F-Type-inspired interior

Jaguar continues to test its new small crossover, tentatively dubbed E-Pace, and that means our spy photographers continue to capture it in the wild. This time, we got some photos of the interior. From what we can see, it follows in the footsteps of the the F-Type sports car, rather than Jaguar's sedans and larger F-Pace crossover. From the air vents down, the center stack gently slopes toward the shifter. It also has a large grab handle on the passenger side like that in the F-Type. This also makes the center stack feel more driver-centric. The shifter is also F-Type-inspired. While the Jaguar sedans and the F-Pace use a motorized dial that rises from the center console for shifting, the F-Type uses a conventional lever, as does this E-Pace. These interior design choices seem to indicate that Jaguar will market this E-Pace as being a sportier Jaguar than its existing lineup. Our spy photographer also caught this E-Pace prototype with the hatch up. This clearly shows that the E-Pace will have a radically raked rear window. Matched with the voluptuous rear fenders, the E-Pace should have a very aggressive look. As a side note, the open hatch also reveals that there are at least one or two members of the Jaguar team that like Budweiser. We still expect a reasonably long wait until the E-Pace makes its full debut, likely sometime next year at the earliest. We're also expecting the crossover to have a front-wheel-drive-based all-wheel-drive system like the Range Rover Evoque, and it may even use the Evoque platform. While not a bad platform or drive system, most any car enthusiast or journalist would agree that a rear-wheel drive platform would be more naturally sporty and in keeping with this car's interior and possible marketing. Related Video: