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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.

2021 Jaguar F-Type First Drive | Can we interest you in some loud?

The 2021 Jaguar F-Type is not a perfect car. There are some cracks in the armor, flaws worth pointing out and nits to pick for car reviewers like us. It’s not a Jaguar version of the unflappable Porsche 911, nor is it a British muscle car. The F-Type has split the difference since the carÂ’s introduction for 2014, and now the two-seaterÂ’s first big update is upon us. Ian Callum left Jaguar more than a year ago, but he was still responsible for this revamped design. Few cars featured better styling than the previous F-Type, and the same can be said this time around. Part of that can be attributed to JaguarÂ’s light touch approach. Horizontal headlights and a new grille differentiate the new F-TypeÂ’s face from the last one. The clamshell hood remains, but its sculpting is less prominent and pointy than before. Combined, these new elements result in a softer, gentler face — Jaguar calls it “liquid metal.” At the back, new, I-Pace-inspired LED taillights now sit flush with the massaged bumper.  ItÂ’s still an obvious sports car design, but Jaguar has thrown away the edgy, aggressive persona of the previous F-Type. Forced to pick sides, weÂ’ll take the previous generation – updating a brilliant design is no easy task – but it remains a beautiful car. Onlookers certainly agreed, as our Sorrento Yellow tester drew a colossal amount of attention. One can thank JaguarÂ’s ear-shattering exhaust for some of that attention, too. How much shattering occurs depends on the engine, of course, and the number of pipes poking out of the bumper. Besides the sound, this is also the best way to tell different F-Types apart. Four-cylinder models get a single, central exhaust; V6-equipped cars get a dual central exhaust, and the V8-powered F-Type R continues on with its quad exhaust pushed out to the edges of the rear valance.  2021 Jaguar F-Type P300 View 30 Photos That's the version we drove. Powered by the same 5.0-liter supercharged V8 previously found in the F-Type SVR, the 2021 F-Type R produces 575 horsepower and 516 pound-feet of torque, an increase of 24 and 14, respectively. It's then a massive drop to the two engines below, which says more about the R than the unchanged but still amply endowed other F-Types.  The base P300 (gray car in the gallery above) is equipped with a 2.0-liter turbocharged four-cylinder that makes 296 hp and 295 lb-ft of torque, while the R-Dynamic P380 and its 3.0-liter supercharged V6 produces 380 hp and 339 lb-ft of torque.

Jaguar Land Rover launches Pivotal subscription service

Two years ago, Jaguar Land Rover launched a subscription service in the UK dubbed Carpe. The program was effectively a 12-month lease with no deposit and no mileage limit, and an all-inclusive monthly payment covering insurance, tax, service, and repairs. For GBP910 ($1,134 U.S.) plus the cost of fuel every month, a subscriber could secure a Jaguar E-Pace at the bottom end, a payment of GBP2,200 ($2,741 U.S.) per month opening the doors to a Range Rover Sport. In between, the Range Rover Evoque cost GBP980, the Jaguar XE GBP1,200, the Range Rover Velar GBP1,255, and Land Rover Discovery GBP1,550. The numbers and customer feedback have encouraged JLR to turn Carpe into Pivotal, with new lease levels, terms, and restrictions. Instead of keeping a vehicle for 12 months, Pivotal subscribers pay GBP550 to join, then swap out every six months. Changing cars early incurs a GBP250 fee, or customers can request to stick with the vehicle they have beyond six months, but JLR reserves the right to switch out cars when necessary. Pivotal keeps tabs to the odometer, too — instead of unlimited driving, the program caps fee-free travel at 1,500 miles per month, 20 pence per mile after that. However, the FAQ section explains that "mileage is accumulative so do not worry if you do not use your full mileage allowance, the first month can be carried on into the next within a given vehicle."  Carpe's six levels have been reduced to four Pivotal tiers. Blue costs GBP750 ($934 U.S.) per month and offers access to the Jaguar F-Pace, Land Rover Discovery Sport, or Range Rover Evoque, clearly a much better deal than GBP910 for an E-Pace (and we like the E-Pace). Indigo runs GBP1,150 ($1,433 U.S.) for the choice of a Jaguar I-Pace, Range Rover Velar, or Land Rover Discovery. Violet, costing GBP1,350 ($1,682 U.S.), comes with just one vehicle for now, the Range Rover Sport. Same goes for Ultraviolet at GBP1,600 ($1,993 U.S.), which gets the Range Rover. The brand already has plans to expand the fleet with the new Defender, and plug-in hybrid versions of the Discovery Sport and Range Rover Evoque The only noted repair item not covered is windshield replacement, which carries a GBP150 deductible. The splashy rework in England comes shortly after Mercedes-Benz shuttered its Collection service here in the U.S. On trial for two years in Nashville, Philadelphia, and Atlanta, Collection couldn't get the traction Mercedes wanted.