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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.

This Jaguar E-Type is an even longer-legged feline

Paul Branstad loves the shape and purity of the Series 1 Jaguar E-Type, produced from 1961 to 1968, but appreciates the longer length of the Series 3 V12 model, which affords occupants a more comfortable space in which to enjoy long trips. So when Branstad brought his damaged left-hand-drive 1968 roadster from its home in the US to Classic Motor Cars in the UK for a restoration, he had a special request: restore his car, but make it a bit longer.
"This is something that we have never done before. Our client wanted the interior leg room of a Series 3 V12 E-Type but the aesthetics of a Series 1 car," says Nick Goldthorp, managing director of CMC.
For the restoration, CMC added 4.5 inches of length to the floor pan of Branstad's E-Type to create the extra legroom. Goldthorp relates, "The V12 was actually nine inches longer than a Series 1 but a lot of the additional room was behind the seats as storage and was not required on our project." That's because CMC also built a trailer out of two E-Type rear ends that attaches to a custom-made removable tow hitch.

Jaguar XE axed from U.S. market: And then there was one sedan

The Jaguar XE sedan will no longer be offered in the U.S. market starting with the 2021 model year, the company announced Tuesday, shifting the balance of its lineup in favor of ever-more-popular crossover models. With the discontinuation of Jaguar's compact sedan, the E Pace crossover becomes the brand's entry-level model.  "The 2021 model year lineup, with three SUVs, a sports car and a competitively priced luxury sedan, continues the evolution of Jaguar to specifically meet the U.S. market requirements, which today is made up of 66 percent SUV buyers in the luxury segment,” Jaguar North America boss Joe Eberhardt said in the announcement. “But the biggest impact on the product portfolio are the technology and interior design changes made across the lineup. These updates, and the repositioning of the Jaguar XF, will help our retailers grow our business in all segments.” And reposition it they did. For 2021, the midsize XF sedan will start at $45,145 (including $1,150 for destination) — $7,100 less than the 2020 model, corresponding to its rather significant overhaul. While the 2021 XF's interior got some much-needed upgrades, Jaguar made some fundamental changes to the XF formula. The midsizer is now only available with four-cylinder engines, as the supercharged V6 has been axed. The base engine is the turbocharged 2.0-liter four-cylinder making 246 horsepower and 269 pound-feet of torque. It's available with either rear-wheel drive or all-wheel drive. A version of this engine making 296 horsepower and 295 pound-feet of torque is optional, and it comes only with all-wheel drive. And not only is the XF now Jaguar's entry-level sedan, it's also the company's halo sedan. Yes, that's the long way 'round to saying that the XF sits alone in Jaguar's four-door lineup for the 2021 model year — and perhaps for longer — while we await the unveiling of the next-generation XJ, which is expected to debut as an EV.  Related Video: