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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.

2018 Jaguar XF S Sportbrake Review | Who needs a crossover with a wagon this sexy?

PORTO, Portugal — SUV and truck mania is real — just ask the 63 percent of American buyers who opted for the high-riding vehicles last year. But there has been a recent groundswell of alternative options in the burgeoning wagon segment. Sure, there are lower-end wagons such as the tried-and-true Subaru Outback ($25,895) and the new-kid-on-the-block Volkswagen Golf SportWagen ($21,580). But the 2018 Jaguar XF S Sportbrake competes more closely with the stalwart Mercedes-Benz E400 ($64,045) and the stylish Volvo V90 Cross Country ($52,300). This begs the nagging question: Could wagons become a serious thing in the States? We spent a day bombing through Portuguese backroads to find out how the Sportbrake fares among its niche competitive set. The 2018 Sportbrake is a wagonized version of the second-gen XF sedan that arrived in 2016. While the first-gen model only offered a wagon variant for the European market, the new Sportbrake is a global vehicle that brings a more streamlined, aluminum-intensive architecture to the table and finally gives American wagon lovers the Jag they've been craving. First off, the essential reason we're here: the cargo area. Activate the power tailgate (which uses a one-piece composite tailgate, just like the F-Pace), and the opening reveals a flat surface on all sides with 31.7 cubic feet of storage. Fold the rear seats down, and volume expands to a considerable 69.7 — an increase of 12.6 and 38.4 cubic feet, respectively. For comparison, the Volvo V90 Cross Country offers 19.8/53.9 cubic feet, and the Mercedes-Benz E400 Wagon has 35.0/64.0 cubic feet. Folding the Sportbrake's rear seats down produces a nice, flat expanse for cargo, with no obtrusive humps or bumps on the side. Standard rear air suspension keeps things level when loaded up. Onward to the front seats, where the cabin brings the XF's familiar design with the dashboard rimmed in a curved ribbon of wood veneer — a pleasant touch that offsets the otherwise blase textured aluminum bits on the dash and shifter surround. Of course, there's the love-it-or-leave-it cylindrical shifter that rises from the center console, a confounding bit of design that leaves most PRNDL traditionalists cold. So, too, does the plastic starter button on the dash, one of the few unsatisfying puzzle pieces in the otherwise agreeably finished interior. But fire up the engine, and it's easy to forget these quibbles.

2016 Jaguar F-Type ups warranty, adds standard equipment

The 2016 Jaguar F-Type is getting all-wheel-drive and an optional six-speed manual gearbox. That, of course, has been the big news surrounding the British brand's stylish two-seat coupe and cabrio since it was announced back in November. For 2016, though, Jag has done a lot more than just update the F-Type's powertrain – it's made life easier for the car's future owners. Jaguar has generously upped the complimentary service period for the 2016 F-Type, going from covering the first service only, to handing out five years or 60,000 miles of free maintenance to owners of the 2016 F-Type. That is, frankly, stupendous. That new plan is paired with an extended warranty, which has been expanded from five years or 50,000 miles to match the new complimentary service period. Coventry has also significantly added to the list of standard equipment for 2016, offering a 770-watt Meridian stereo, SiriusXM satellite radio, a SmartKey, 14-way power seats and on the hardtop models, a glass roof. Again, that's all standard equipment now. S models now get the standard dynamic mode, flat-bottomed wheel and active exhaust system. R models, as we said back in November, get all-wheel drive as standard. Most remarkable about all of this, though, is how little the new standard equipment has impacted the F-Type's price. The manual-trans Coupe matches last year's $65,000 starting price, while adding an eight-speed automatic kicks the price up $1,300. The S Coupe is slightly pricier than last year's $77,000 mid-grade model, starting at $77,300 for the manual and $78,800 for the automatic. The all-wheel-drive S Coupe starts at $84,800. The R, which as we said, enjoys standard all-wheel-drive, is getting the biggest price bump, with the Coupe model going from $99,000 to $103,600. The all-new Jaguar F-Type R Convertible starts at $106,450. Beyond that, if you want an F-Type with a canvas roof, add $3,100 to the prices shown above. So there we have it – a longer warranty, five years of free maintenance more standard equipment and a negligible increase in price. Um, why can't all model year updates be so nice? Check out the press release for more on the updated F-Types from Jag. Related Video: JAGUAR HITS THE GAS PEDAL ON U.S. 2016 F-TYPE LINEUP TO RAISE PRESSURE ON THE COMPETITION ? Jaguar ramps up F-TYPE value advantage by increasing standard equipment and features by $3,550 for F-TYPE to $11,850 for F-TYPE R models.