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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 with claws: 592-hp XE SV Project 8 Collector's Edition

A few years ago, and to much fanfare, Jaguar launched the F-Type Project 7. It was Jaguar Land Rover's Special Vehicle Operations (SVO) unit's first Collector's Edition car. It now has a successor – with four doors. Jaguar has announced the XE SV Project 8 Collector's Edition, which will get its official debut at the Goodwood Festival of Speed. Project 8 is as a 592-horsepower sedan that the automaker is calling "the most extreme Jaguar ever." It's powered by a specially tuned version of the company's 5.0-liter V8 engine, which will make it Jaguar's most powerful vehicle ever put into production. It will be limited to just 300 examples hand-built at SVO's Technical Centre in Coventry. As for how much it'll set you back if you're lucky enough to get your hands on one, Jaguar Land Rover Special Operations Managing Director John Edwards says Project 8 "is conceived for enthusiasts and the most discerning collectors. The price for such an extreme performance sports car available in strictly limited numbers will reflect that." Engine tuning is just one of the upgrades to the Project 8, but, for now, Jaguar is remaining vague about other alterations to the XE. Edwards says the car "takes aerodynamics and performance engineering to another level," and there's no reason not to take him at his word. The British automaker says it'll let us know more about the car on June 28, just two days before its official introduction. For now, though, we can enjoy the teaser video from Jaguar, above, which shows the XE SV Project 8 in a particularly sporty camouflage wrapper testing on the Nurburgring. Related Video: News Source: Jaguar Jaguar Performance Supercars Videos Sedan jaguar xe sv project 8

2019 Jaguar I-Pace gets official 234-mile range rating

The 2019 Jaguar I-Pace is officially rated to travel as far as 234 miles on a single charge of its battery pack. That's down slightly from the 240 miles initially promised when the slinky electric crossover was first unveiled here in the States. And, while it's roughly equal to the base version of the Tesla Model X, that's not exactly an apples-to-apples comparison. Quoting maximum electric range without considering the capacity of a car's battery pack is the same as quoting the maximum driving range of a gasoline-fueled vehicle without considering how many gallons of gas the tank holds. The I-Pace's battery pack is rated at 90kWh. The Model X's smallest pack is 75kWh. So the Tesla can go about the same total distance as the Jaguar using significantly less energy. It's not just Tesla that boasts greater efficiency figures than the Jaguar. Chevy manages to eke 238 miles out of the Bolt EV's 60kWh battery pack, and Hyundai gets 258 miles from the Kona Electric's 64kWh pack. These vehicles certainly don't all play in the same market segments, and there are a lot of variables to consider. For instance, the Jaguar's 4.5-second 0-60 rating is quicker than the Model X's 4.9-second rating, and its advertised power output of 394 horsepower and 512 pound-feet of torque is higher than Tesla's for the 75D (though Tesla's actual power numbers aren't really advertised in traditional hp and lb-ft figures). But even if cars like the Model X, Chevy Bolt, and Hyundai Kona EV aren't directly comparable across the board, their range and battery capacity figures do help us understand the relative efficiency of each specific vehicle. The efficiency of electric vehicles rated by the EPA is expressed as a MPGe (miles per gallon equivalent) figure. The 2019 Jaguar I-Pace's figures of 80 city, 72 highway, and 76 combined MPGe don't compare favorably with the Tesla Model X's 91 MPGe city, 95 MPGe highway and 93 MPGe combined ratings. It'll be interesting to see how much EV buyers care about the Jaguar's comparatively poor MPGe ratings, but they will definitely have an impact in the real world. In practical terms, what all of this means is that the Jaguar I-Pace is going to use more electricity per mile than the Tesla Model X. And that means it's going to cost more to drive the same distance in the Jag when compared to the Tesla, or just about any other modern long-range EV that's currently on the market. Related Video: This content is hosted by a third party.