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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.

2014 Jaguar XFR-S Sportbrake

We'd consider giving up vital organs for the opportunity to drive any number of vehicles on the Nürburgring: supercars, racecars, track cars, even hot hatches... but a station wagon? That might not seem like a top choice at first blush, but this is no ordinary wagon. This is the Jaguar XFR-S Sportbrake.
Now if that name leaves you scratching your head, there are several good reasons for that - not least of which is the unfortunate reality that, unlike so many performance-oriented crossovers and sport-utes, the Sportbrake is not offered in North America. But suppose it were, or that weren't a factor. You'd likely still be left wondering how the name Jaguar ended up on a station wagon in the first place, and how that machine wound up bearing the letters R-S, the suffix affixed only to Coventry's most hardcore performance models.
Our brief story goes back a little over two years to when Jaguar revealed the XF Sportbrake at the 2012 Geneva Motor Show, giving its mid-level sedan an elongated roof and added cargo capacity. The Sportbrake may not be the first wagon to wear the Leaping Cat badge, but following the lamentable X-Type Sportwagon, it could be argued that the XF is the first authentic Jag estate.

Jaguar XJ facelift suggests that if it ain't broke...

Jaguar is preparing what looks to be a very modest upgrade for its long-serving XJ, now heading into its fifth year in production. The fullsize luxury sedan's changes are so limited it seems like a stretch to even refer to these changes as a proper update. New front and rear lights represent the big changes, although the XJ's front grille looks to get a tiny bit of tweaking. Beyond that, though, we can't see too much changing for Jag's flagship luxury car. That said, there could be some tweaks below the sheetmetal and within the cabin that these images don't really show. Take a look at our gallery of spy photos, at the top of the page, and let us know what you think Jag is up to with this particular XJ.