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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 CEO says people just don't want EVs right now

"Customers are not impressed with it currently." These are the words of one Ralf Speth, CEO of Jaguar Land Rover, spoke at the Automotive News Europe Congress in Birmingham, England. The "it" Speth is referring to is battery technology, which he characterized as "too heavy, too expensive," and with power density that's "too low." That all could go some way towards explaining why the British automaker has yet to bring an electric vehicle to market, why it killed the C-X75 hybrid-turbine supercar project, and why it only recently started offering hybrid versions of its Range Rover models (and has yet to offer them in the United States). That doesn't mean the company won't pursue electric propulsion in the future, though. According to Automotive News Europe, Speth forecasts that "the next generation of batteries will be higher density, lower weight and the cost will come down." What he didn't say, exactly, is when he expects that next generation of battery tech to come around – or when JLR will start to more closely embrace electric propulsion. In the meantime, Jaguar Land Rover will continue investing in research and development. Since Tata acquired the brands from Ford seven years ago, JLR has quadrupled its R&D budget and doubled the number of engineers on staff. Related Video:

2016 Jaguar XF to hit 60 mph in 5 seconds, lead with cutting-edge infotainment

Since the second-gen XF's unveiling last week in an epic publicity stunt over London's Canary Wharf, the details on the new four-door have been rather scarce. That changes now, with the Jaguar revealing just about everything we could hope to know... aside from the price and fuel economy. As we covered in our original post, Jaguar has trimmed the weight for both rear- and all-wheel-drive variants by 132 pounds and 265 lbs, respectively. That means that, regardless of engine output, the two-wheel-drive model tips the scales at just 3,770 lbs, while the AWD XF slips in at 3,880. This was mainly done by way of aluminum construction – the 13th element constitutes 75 percent of the XF's structure – although ultra-high-strength steel also plays a role. Jag claims these elements not only reduce weight – which is almost perfectly distributed, with a "near" fifty-fifty ratio – but increases torsional rigidity by 28 percent. The new XF should be just as agile as the brand's namesake, thanks not only to the reduced weight and stiffer structure, but also to a new chain-driven all-wheel-drive system that's both lighter and more efficient than a traditional version. Impressive though that may be, the brand's Intelligent Driveline Dynamics system is the standout here. IDD manages the torque split, diverting power to the rear axle until it predicts, through factors like yaw rate, steering angle and lateral acceleration, when torque should be shifted to the front wheels. Moreover, the AWD system features Adaptive Surface Response, which takes the place of the old XF's winter driving mode. It monitors road conditions, modifying the behavior of the sedan's systems as needed. The second-gen sedan comes to the US in 340-horsepower and 380-hp variants – torque remains fixed at 332 pound-feet – courtesy of Jaguar Land Rover's familiar 3.0-liter, supercharged V6. The new XF's straight-line performance should be just as entertaining as it sounds, too. The rear-drive, 340-hp XF will hit 60 in 5.2 seconds, while the rest of the range can get there in 5.0. That marks a significant reduction compared to the first-gen V6 models, which used their 340 hp to sprint to 60 in a more leisurely 5.7 to 6.1 seconds. Regardless of output, the rear-drive XF will outrun both the BMW 535i and Mercedes-Benz E350 (we're still waiting on performance figures for the 329-hp E400, so Jag's RWD dominance may not last), which take 5.5 seconds and 6.5 seconds, respectively.