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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.

Harry bravely drives Jaguar XJ-S V12 1,000 miles to Monaco

There are a great many cars we'd like to take on a transcontinental journey – especially across Europe. And a good portion of them would probably be grand tourers with twelve-cylinder engines. We're just not sure we'd be as brave as Harry Metcalfe, who drove his 1980 Jaguar XJ-S V12 from his home in the UK all the way down to Monaco. Don't get us wrong, the XJ-S looks like a rather comfortable ride, and with the V12 is surely both smooth and powerful. It's just that Jags didn't have the best reputation for reliability back then, and we'd have been at least a little worried that we wouldn't make it all the way across France on this trip. Nor are we sure we would have wanted to without air conditioning. The model in question, as you'll find out if you watch the video, is an early 1980 example, produced just before Jaguar updated the line with the High-Efficiency versions. As such, it's got a bit more power and shorter gearing than later models. The XJS (as it would later be labeled) would undergo a number of updates over the following years, and would stay on the market until 1996 when the XK came along to relieve it. By Harry's reckoning, his early XJ-S was every bit as good as the Porsche 928 and other front-engined GTs of the era, and would have been more fondly remembered if it hadn't had to live in the shadow of the E-Type that came before. You'll want to watch the 17-minute video of the journey, undertaken for a cover story to appear in the September issue of Octane, to see for yourself. Related Video:

Comedians In Cars Getting Coffee returns June 19, celebrates with new trailer

A brand new season of Jerry Seinfeld's Comedians in Cars Getting Coffee on the way - it will involve Seinfeld and comedian Robert Klein going to Sing Sing Correctional Facility in what appears to be a Jaguar Mark II - and the trailer is out now. In addition to Klein there'll be appearances by Sarah Jessica Parker, George Wallace, Aziz Ansari and John Stewart. We don't get to see all the rides, but a Buick Riviera GS gets some airtime and the 1949 Porsche 356/2 Gmund from the segment with Jay Leno makes a cameo. The first episode airs on June 19, you can watch the trailer by scrolling down. News Source: Crackle via YouTube Celebrities Humor Buick Jaguar Porsche Classics Videos jerry seinfeld comedians in cars getting coffee cicgc jon stewart