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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 XF Sportbrake teased in Wimbledon promotion

Until this moment, we'd only seen spy photos of the Jaguar XF Sportbrake. Now we get our first official look at the long-roof Jaguar with the above teaser photo. Pleasantly, this isn't an image of the car in shadows, but rather in full light. It happens to be a bird's-eye-view image, so there isn't much we can tell about the car aside from confirming it is indeed a wagon. That's not to say we can't tell anything, though. Close examination of the tail reveals that Jaguar has opted for more conventional, body-colored D-pillars. This is a contrast to the previous XF Sportbrake that featured piano black D-pillar panels that were reminiscent of the ones on the XJ flagship sedan. Another interesting detail is that glass roof. There don't appear to be any seams along it, indicating that this is one massive, fixed panel. Odds are an opening variant is available, but that version probably won't have the same unbroken view of the sky. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. We also get one other teaser of the XF Sportbrake via a video in which Ian Callum talks about lines with the head groundskeeper of Wimbledon. Apparently Jaguar is providing cars for this year's tennis tournament, so some kind of marketing tie-in was inevitable. The video is pretty much what you would expect, with Callum saying flowery things about different kinds of lines and the lines on Jaguars. But at the very end, a silhouette of the XF Sportbrake is shown on the Wimbledon center court. It doesn't show much, but it is something. You can check it out for yourself at the end of the video above. In addition to these teasers, Jaguar announced that the car will be available later this year. No regions were announced, but don't hold your breath for the US market. The previous version was never offered here, and now Jaguar has the American-friendly F-Pace crossover to satiate Jaguar buyers needing more cargo space. So we don't see much of a case for bringing it here. That being said, we would certainly be happy if it came to the States. Related Video:

Jaguar XE SV Project 8 takes Laguna Seca production sedan record

Jaguar has claimed another Laguna Seca record with Randy Pobst at the wheel. This time around, the Jaguar XE SV Project 8 became the fastest four-door sedan to lap the track, with a time of 1 minute, 37.54 seconds. The record follows the production electric car record set in late August with an unmodified I-Pace HSE, and it's also the fastest recorded Jaguar time on the track; the previous fastest Jaguar there was the 575-horsepower F-Type SVR. As it seems most Laguna Seca records have been set by Pobst, the previous four-door production sedan record was also his handiwork, in a Cadillac CTS-V. That time was about a second slower than the XE SV Project 8, at 1 minute, 38.52. The fastest Pobst time at Laguna Seca stands at 1:28.65, driven with a Dodge Viper ACR MkV. The Laguna Seca record isn't the first lap record claimed by the XE SV Project 8, as it took the production sedan honors at the Nurburgring Nordschleife in November 2017, with a time of 7 minutes, 21.23 seconds. Only 300 vehicles will be built, at the JLR Special Vehicle Operations facility in Coventry, England. The XE SV Project 8 hits 60 mph in just 3.3 seconds, thanks to its 591-horsepower, supercharged V8 engine, which propels it all the way to 200 mph. There are two versions available, a more road-suitable four-seater and a special Track Pack car with lightweight carbon fiber racing seats.Related Video: