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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.

$4.5M Maryland mansion has a brick street with classic cars in its basement

At one extremely large residence in Potomac, Maryland, the residents need not call the driver to head into town. Instead, the people who lived and will live in this house can simply take a walk downstairs to hit up the post office, or the theater, or the massage parlor. These faux shops are just a small part of a re-created old-style downtown strip, complete with a brick drive and classic collector cars.  Brought to light by Twitter user @victoriaxxviii, 11610 Highland Farm Road, Potomac, Maryland, is a 12,089-square-foot gated mansion that sits on four acres, with the opportunity to buy two more next to it. It has seven bedrooms and eight bathrooms in the main house, a guest house with two bedrooms and a bathroom, and a pool house with a full kitchen and a bathroom. The place also has a heated pool and a tennis court. Yet, none of that would be of interest if not for the items hidden in the home's finished basement.  Best understood by seeing the photos above, the lower level of the house was built to resemble an old town. In addition to the aforementioned stores, it also has a sports shop, a flower shop, an inn, a tattoo parlor, a church, and most important, an auto repair shop and gas station. The repair shop is key, as there are several collectible cars positioned throughout the winding town road. Seen in the photos are a Citroen 2CV, a Jaguar E-Type roadster, a scooter, and a third vintage car that appears to be from the '20s or '30s.  The house was built in 1987 and features four garage spots. It is currently listed for $4.5 million, but it is unclear if the downstairs cars are included in the purchase. Visit Washington Fine Properties for more photos of the house and extra information about its amenities. Related Video:    

Driving Jaguar's Continuation Lightweight E-Type

Something has happened to sports cars over the past 15-20 years. While reaching ever-higher levels of quantitative dominance the driving experience continues to become more sterile. Stability control, torque vectoring, variable electronic steering racks, lightning-quick dual-clutch automatic transmissions – all these make it easier to harness more power and drive faster than ever before. And yet too often it feels like something is missing. There is a growing divide between the capabilities of the modern performance car and the driver's sense of connection to the experience. In an era like the one we're in now, the Jaguar Lightweight E-Type hits you like a slap in the face. The story of the Lightweight E-Type goes back to 1963, when Jaguar set aside eighteen chassis numbers for a run of "Special GT E-Type" cars. These were factory-built racers with aluminum bodies, powered by the aluminum-block, 3.8-liter inline-six found in Jaguar's C- and D-Type LeMans racecars of the 1950s. Of the eighteen cars slated for production, only twelve were built and delivered to customers in 1964. For the next fifty years, those last six chassis numbers lay dormant, until their rediscovery a couple of years ago in a book in Jaguar's archives. In an era like the one we're in now, the Jaguar Lightweight E-Type hits you like a slap in the face. Jaguar Heritage, a section of Jaguar Land Rover's new Special Vehicle Operations (SVO) division, took on the task of researching the original Lightweight E-Types and developing the methods to create new ones. Every aspect of the continuation Lightweight E-Type, from the development of the tools and molds used to build the cars, to the hand-craftsmanship, reflects doing things the hard way. They may not build them like they used to, but with these six special E-Types, Jaguar comes awfuly close, if not better. Working alongside the design team, Jaguar Heritage made a CAD scan of one side of an original Lightweight E-Type body. That scan was flipped to create a full car's worth of measurements. That ensured greater symmetry and better fit than on the original Lightweight E-Types (which could see five to ten millimeter variance, left-to-right). The scan was also used to perfect the frame, while Jaguar looked through notes in its crash repair books to reverse-engineer the Lightweight E-Type's suspension. The team repurposed a lot of existing tooling for the continuation cars, and developed the rest from analysis of the CAD scan.