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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.

E.C.D. Automotive Design gets into the Jaguar restomod game

Florida-based E.C.D. Automotive Design — formerly East Coast Defender — made its bones turning the barely disguised Midlands tractors emerging from Land Rover's Solihull plant into finely detailed Chelsea tractors that cost almost as much as a genuine John Deere (which means a lot, for those unaware of the frightening costs of farm equipment). With its territory well marked and established, ECD decided to expand its offerings to "something that would sit nicely next to one of our existing Land Rover builds and be on a par, but something different, something sporty and quintessentially British." The search began and ended with the Jaguar E-Type. Not only do we know the formula for this, but Jaguar Classic Works just advertised its own adroitness with such builds in showing off the 1968 Series 1 E-Type Roadster that took part in the Queen's Platinum Jubilee Pageant. ECD offers a few options Jaguar Classic Works doesn't, though, starting with the same kinds of engine conversions performed on the Land Rovers. The outfitter will be happy to rebuild or source an age appropriate inline-six or V12 and a five-speed manual transmission, warning that the mill "will require higher ongoing maintenance" and "come with leaks and all." Less grubby options are either a GM LT1 6.2-liter V8 with 450 horsepower, shifting through an eight-speed automatic, or an electric conversion using a 450-horsepower Tesla powertrain that provides a range of 200 miles in the city and 140 miles on the highway. All variants get performance suspension and brakes; the ICE versions get a sports exhaust, too. The standard menu of paint and interior options includes 11 historic Jaguar paint colors from the 1960s through the 1980s, and 10 modern colors from the 2023 lineup. Inside, 12 solid hues of Nappa leather can be upgraded with two-tone, hand-tipped, spinneybeck, woven, or distressed treatments to go with the European weave carpeting. Prices start at $299,995, each build taking about 14 months to deliver.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Jaguar likely moving HQ to Britain's most iconic racetrack

Jaguar Land Rover looks increasingly likely to make Britain's iconic Silverstone race track the automaker's new headquarters. There isn't a final deal in place yet, but the British Racing Drivers' Club, which owns the circuit, plans to have the membership vote on whether the negotiations should move forward, according to Autosport. BRDC leaders already presented the plan to members, and they were open to the idea. "The response was favorable so we will now set up an EGM for the members to vote and give the board a mandate to proceed with the deal and continue with the negotiations with JLR," BRDC president Derek Warwick told Autosport. There's no guarantee yet that JLR actually completes the deal. "There's still a lot of work to do to get the deal to where both sides are happy and more importantly what's right for the BRDC and its members." Warwick said. Rumors in early December suggested JLR was among the firms submitting bids to purchase the track, and the automaker allegedly offered 22.7 million pounds ($34.1 million at the time) for it. The company would also reportedly invest nearly $80 million to renovate the site, including adding a museum, experience center, hotel, and offices. The track would still be open for motorsport, too. Silverstone has hosted the Formula One British Grand Prix many times over the decades, and organizers signed a 17-year deal in 2009 to keep things that way well into the future. Series like the FIA World Endurance Championship, MotoGP, and British Touring Car Championship also compete there. Related Video: