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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.

Porsche, Jaguar continue dominance in 2015 JD Power APEAL study

The top of JD Power's 2015 APEAL Study has not changed much in the last year. Porsche remains No. 1 with Jaguar nipping at its heels, although both premium brands saw their overall score fall compared to 2014. For those that need a refresher, the APEAL Study looks at how "gratifying" a vehicle is to own and drive, rating cars and brands on a 1,000-point scale. The industry average for 2015 has increased from 794 to 798, while the total number of automakers that finished above the curve increased from 16 to 20. While Porsche and Jaguar finished at the top, their scores dropped eight and seven points, respectively, to 874 and 855. The top "non-premium" brand was Mini, which scored an impressive 825, up from 795. If the BMW-owned British marque is still a bit too premium for your tastes, last year's non-premium winner, Hyundai, did climb five points and is this year's runner up. At the opposite end of the scale, Smart sits at the very bottom of the rankings, with a score of 683 (it didn't appear on the 2014 rankings). Fiat also dropped, from fourth worst in 2014 to second worst in 2015, despite the 500 being named most appealing city car. Subaru made an impressive climb, from third worst to seventh, falling just 10 points shy of the industry average and two points south of the non-premium average. In the individual vehicle segments, eight brands earned multiple awards, with Ford, Chevrolet, and Porsche earning three apiece. Surprise segment victories included the new Ford Expedition, which beat out Chevy's popular Suburban. The Infiniti QX80 bested the likes of the Cadillac Escalade and Range Rover for best large luxury SUV, and the Dodge Challenger beat its muscle car rivals from Ford and Chevy. Most of the victories, though, were quite predictable. The Mazda6 and CX-5 took wins for the midsize sedan and compact SUV categories respectively, while the Volkswagen Golf captured the compact car win. The Ford F-150 won the large pickup category, while the Porsche Cayman was named most appealing compact premium sporty car. Check out the official release on the 2015 APEAL Study, available below, from JD Power. 2015 U.S. APEAL Study Results The latest safety-related technologies are among the drivers of customer satisfaction with new vehicles, according to the J.D. Power 2015 U.S.

Jaguar I-Pace gets discreet nip-and-tuck in global markets

Jaguar has given the I-Pace, its first series-produced electric model, a round of minor visual and packaging updates. The crossover gets a nip-and-tucked front end, additional paint options, and in some markets a restructured trim level hierarchy, among other small changes. The biggest design update is positioned front and center — literally. The new-look I-Pace receives a smooth insert that replaces the grille-like trim fitted to the outgoing model. It's finished in Atlas Gray, and this color also appears on the trim pieces positioned on either end of the lower part of the front bumper. Jaguar also fitted a black and silver emblem to the front end, and it changed the color of some exterior trim pieces from black to gray. The company explains that it made those changes to simplify the I-Pace's design while reducing visual mass. Most of the remaining design changes are subtle: Every I-Pace trim level now comes standard with diamond-turned wheels, and some variants get a Black Pack that adds gloss black exterior trim. Finally, Eiger Gray and Carpathian Gray join the palette of available colors. We're still waiting for the hot-rodded I-Pace that Jaguar alluded to in 2019. In the meantime, the global range includes three trim levels called R-Dynamic S, R-Dynamic SE, and R-Dynamic HSE, respectively. Buyers in England can also select a range-topping model called 400 Sport. It doesn't sound like Jaguar made major drivetrain changes. Power comes from a pair of electric motors (one per axle) that zap the four wheels with 394 horsepower and 512 pound-feet of torque. Jaguar quotes a 4.5-second sprint from zero to 60 mph, and the 90-kilowatt-hour lithium-ion battery pack holds enough electricity to deliver up to 246 miles of range with 20-inch wheels, or 217 miles with 22-inch wheels. Jaguar hasn't announced the aforementioned changes for the American market yet; as of writing, they apply exclusively to models sold on the European market. We've reached out to the company for additional details, and we'll update this story if we learn more. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.