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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 UK factories could shut down in two weeks due to coronavirus

COVENTRY, England — Jaguar Land Rover has enough parts from China to maintain its British production for the next two weeks but not beyond that at the moment, Chief Executive Ralf Speth said on Tuesday. Britain's biggest carmaker, which operate three car factories in its home market, joined major global companies such as Apple in warning of the impact of the virus on supply chains. The rapidly spreading virus has killed nearly 1,900 in China and stricken some 72,000 people, confining millions to their homes, disrupting supply chains and delaying reopening of factories after the extended Lunar New Year holiday break. "We are safe for this week and we are safe for next week and in the third week we have... parts missing," said Speth when asking about the potential impact on British production. He said the firm's Chinese factory would open next week and was "safe for the very first week." Sales were not currently happening in China and it was unclear when they would return, he added. The boss of Tata Motors, JLR's parent company, speaking at the same event, said the company does not have sufficient visibility regarding parts suppliers from China. "We are safe for the month of February and for a good part of March," said Guenter Butschek. "Are we fully covered at this point of time for the full month of March? Unfortunately...not." Related Video:

Jaguar could morph into an electric-only brand and explore new segments

Jaguar is set to morph into an electric-only brand whose products will be aimed directly at Tesla's and Polestar's, according to a recent report. Its future range will allegedly include alternatives to the Tesla Model 3 and the Polestar 2. Nick Rogers, the head of Jaguar-Land Rover's engineering department, told British magazine Auto Express that a small electric Jaguar "would be great." His definition of small is different than, say, Smart's; don't expect the company to release an alternative to the ForTwo, or something along the lines of a Renault Twizy. Instead, he's likely referring to a model positioned below the XE, which is currently the smallest Jaguar, in terms of size. If approved, the car will be about the same size as a BMW 1 Series, though it might sit a little bit taller. Adding a few inches of ground clearance would give engineers more space to stuff a battery pack under the floor, while allowing its marketing department to reach a wider audience by presenting the hatchback as a crossover. "We need to think about that. That's a really cool space that we ideally want to be in, and ideally our customers want us to be in. It's extremely relevant at this time," he said. This isn't the first time we've heard that Jaguar is starting to think small. In June 2020, we reported the company is considering replacing the aforementioned XE and the XF with a single compact model that would almost certainly be offered as a hatchback and as a sedan. Jaguar's transformation into an electric-only manufacturer is allegedly the brainchild of Thierry Bollore, who will take the firm's reins in September. He recently led Paris-based Renault, which is also allocating huge resources to electrification. We know the next-generation XJ (shown in spy shots taken far north of the Arctic Circle) will be offered with an electric powertrain (though internal combustion variants will be available, too), and Auto Express learned an XE-sized battery-powered model placed in the Model 3's segment is very likely, too. Finally, at least for now, an electric SUV tentatively called J-Pace will reportedly enter production in the coming years. It's too early to tell what the future holds for the E-Pace, the F-Pace, and the XF, though we wouldn't be surprised if the latter does not get a replacement. Where the F-Type would fit in an electric-only range hasn't been decided yet; sealing its fate one way or another will be one of Bollore's first tasks.