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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.

Junkyard Gem: 2000 Jaguar S-Type

My junkyard studies of Jaguars have focused mostly on the four-wheeled felines of the 1960s through 1980s, but plenty of more recent Jags may be found in U-Pull-type yards around the continent. Today's Junkyard Gem appeared in a Northern California boneyard last summer, and it had stories to tell. Once Ford took over Jaguar in 1990, the idea of a midsize Jaguar saloon to steal sales from the BMW E39 5 Series and Lexus GS seemed like an increasingly good idea, and so a name used on a mid-1960s version of the Jaguar Mark 2 was revived for use on a car built on the same platform as the Lincoln LS. Both the new S-Type and LS appeared during the 1999 model year, and both are fairly easy to find in your local Ewe Pullet today. American S-Type buyers could choose between a 3.0-liter V6 and various flavors of V8 (including a hairy supercharged V8 good for 400 horses in the S-Type R). This car has the V6, which was based on the Duratec out of the Taurus and made 281 horsepower. In theory, American S-Type (and Lincoln LS) buyers could get a five-speed manual transmission on V6-equipped 1999-2003 cars … but I've never seen a three-pedal S-Type/LS, and I've been looking hard. As you'd expect, European S-Type buyers could get both manual transmissions and diesel engines for the duration of the car's 1999-2007 production run. This car has a ZF six-speed slushbox. The interior looks to have been in good condition when the car showed up here, and the original manuals were still in the car. Some of the wood trim got a bit cracked in the California sun during the car's two decades on the road. That sure looks a lot like a Kia Amanti nose, doesn't it? The Amanti appeared a few years later and showed strong S-Type (and E-Class) styling influence. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Beyond beautiful. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. History repeating.

2017 Jaguar F-Pace is on the prowl in Frankfurt [w/video] [UPDATE]

UPDATE: A previous version of this story indicated that rear-wheel drive was standard. This was incorrect. The F-Pace uses a standard all-wheel-drive system with a rear bias. The story has been edited to reflect this. After much teasing, Jaguar finally introduced the new F-Pace, the company's first ever crossover, at the 2015 Frankfurt Motor Show. Of course, we had to trek over to the Jaguar stand to have a look. As we already know a very great deal about the new F-Pace, we'll just recap some of the finer points. Prices for the five-place CUV begin at $42,390, which will score you a model with a 340-horsepower, 3.0-liter, supercharged V6. If you'd like the 380-hp version of that engine – along with a lot more equipment – prepare to pony up $56,700. The very cheapest way into the F-Pace, though, will be with the 2.0-liter, turbodiesel four-cylinder, which starts at $40,990, offers up a modest 180 hp, 317 lb-ft of torque, and an on-sale date of sometime late in 2016. An eight-speed automatic transmission is the sole gearbox for the two V6 models, although Jag hasn't said what gearbox it will pair with the diesel mill. The standard, rear-biased, all-wheel-drive system will feature brake-based torque vectoring that can switch up to an even 50:50 split. Adaptive dampers promise, meanwhile, promise a leaper-worthy handling character, while wheel sizes vary from 18 to 22-inch wheels. Speaking of that all-wheel-drive system, while this may not be a Land Rover, it still promises a degree of off-road ability. The wading depth is an adequate 20.7 inches, while the approach and departure angles are 25.5 and 25.7 degrees, respectively. As we said, that's not the equal to even the lowliest of Land Rovers, in this case the Discovery Sport, which can wade up to 23.6 inches, manage angles up to 25 degrees on approach, 31 degrees on departure, and features an advanced Terrain Response system. Those that were worried Jaguar's CUV would be stealing the thunder from the off-roaders at Land Rover – like your author – look to have been mistaken. Unsurprisingly, that handsome body is mostly aluminum, although there's some high-strength steel, and even a bit of magnesium and composite material, all of which contributes to a torsional rigidity on par with the lower-riding XF sedan. We have a wide lineup of live photos of the new CUV. Take a look, and keep an eye open for the F-Pace in dealers next spring.