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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 Land Rover invests $1.5B to build factory in Slovakia

Jaguar Land Rover will invest 1 billion pounds ($1.5 billion at current rates) to build a new factory in Nitra, Slovakia. Construction will commence in 2016, and the site will have an initial capacity of 150,000 vehicles a year when the first of them roll out in late 2018. JLR expects to employ 2,800 people there. JLR won't yet say what vehicle it will build in Slovakia, other than it will be an all-new aluminum model. The 2018 timing for the plant's start of production seems to coincide with the launch of the radically different next-gen Land Rover Defender, though. Earlier reports suggested that JLR also considered locations in North America, particularly Georgia, and Europe for the new factory. However, the company signaled the Slovakia choice earlier this year when it signed a letter of intent with the government there in August. The automaker then did a final feasibility study before committing to the site. The new factory continues JLR's recent manufacturing expansion. The company opened an engine plant in the UK last year and a factory in China. There will also be one soon in Brazil, and it will reportedly bid to buy the Silverstone Circuit as a new headquarters. JAGUAR LAND ROVER CONFIRMS NEW FACTORY IN SLOVAKIA • New world-class premium manufacturing facility confirmed in Nitra • The next stage of the Company's plans for sustainable global growth • Today's announcement also supports long-term investment in the UK Bratislava, Slovakia – Jaguar Land Rover has confirmed that it will be the first British carmaker to open a manufacturing facility in Slovakia. The announcement follows an agreement between the company and the Government of the Slovak Republic to build a new plant in the city of Nitra, western Slovakia. The new world-class GBP1 billion premium manufacturing facility will eventually employ around 2,800 people. Today's announcement follows Jaguar Land Rover's recent confirmation to double its investment in its engine plant in the UK to almost GBP1 billion – the largest injection into a new British manufacturing plant in decades creating several hundred new jobs. Dr Ralf Speth, Chief Executive Officer, Jaguar Land Rover commented, "Jaguar Land Rover is delighted today to welcome Slovakia into our family. The new factory will complement our existing facilities in the UK, China, India and Brazil and marks the next step in the company's strategy to become a truly global business.

Ferrari exec to lead Jaguar North America

Jaguar has announced that Jeff Curry will be serving as the brand's new North American vice president, effective August 13. The move is a coup for Jag, which lured Curry away from his previous posting as VP of marketing for Ferrari North America, and is further evidence of just how strong Jaguar's comeback has gotten.
Curry has spent over 20 years in the auto industry, and has worked with Audi, SiriusXM and Land Rover, where he made his start in the industry. His primary responsibilities with Jaguar will cover marketing communications, customer relationship management, and product planning.
Jaguar Land Rover's North American president, Andy Goss, heaped praise on the brand's newest addition saying, "Jeff brings with him extensive automotive and luxury marketing experience, critical expertise in leading-edge technologies and a personal passion for automobiles."