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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 upgrades I-Pace with increased range for free

Jaguar launched the I-Pace eTrophy racing series in 2018, and ever since, it's been collecting data on its battery electric crossover. Using that research, Jaguar has managed small refinements that incrementally improve how the car runs and drives. In past times, these types of upgrades were implemented during a refresh or redesign, but thanks to the computerized nature of modern vehicles, tuning information can be relayed to the vehicles immediately. Installed by dealers, Jaguar is releasing a free I-Pace software update that affects the battery, aerodynamics and all-wheel-drive system.   Jaguar already offers one of the best battery-operated vehicles on the road today, but the competition pool is quickly improving and becoming more crowded. In order to keep the I-Pace fresh, Jaguar decided to share its learnings from its eTrophy racing series and "more than 50 million miles" of real-world driving.  As it stands, the I-Pace packs a 90-kWh lithium-ion battery that is EPA-rated at 234 miles on a single charge. It has 394 maximum horsepower, 512 lb-ft of torque, and Jaguar claims it can do 0-60 mph in 4.5 seconds. With the new update, Jaguar says the battery can "run to a lower state of charge than previously without affecting drivability, durability, or performance." This only affects range and efficiency, though, not power. All I-Paces are all-wheel-drive, and the update directly affects the car's traction system. Jaguar has refined the torque distribution between the front and rear motors, which improves the car's efficiency in ECO mode. A third update deals with the car's aerodynamics. Jaguar has refined thermal management control by using the active radiator vane system more frequently. Finally, small tweaks also improved the regenerative braking system.   All said, these upgrades potentially equate to an 8% increase in range, which is about 12 miles, depending on usage. Jaguar did note, however, that the official EPA number would not change. Those who own I-Paces can take their cars to a local dealership, and a technician will update the software, which also includes advanced over-the-air functionality. 

Jaguar F-Pace 300 Sport, 400 Sport create new trims below SVR

Jaguar has introduced two new F-Pace trims in the UK, one of which we expect to make it our way. Dubbed the F-Pace 300 Sport and F-Pace 400 Sport, they also welcome Amazon Alexa integration to the whole F-Pace range. Both Sport trims come standard with gloss black roof rails, privacy glass, and the Black Pack that dresses the badges, bumpers and intakes, sills and greenhouse trim in gloss black. A set of 21-inch wheels is also standard, the Style 5105 design also in gloss black. A 22-inch Style 1020 forged wheel in either gloss black or with satin black inserts or gloss silver with contrasting inserts. Inside, the Sports get Ebony Suedecloth headliners lording over Windsor leather slimline performance seats and Satin Charcoal Ash veneers, plus premium cabin lighting with 30 available colors. The F-Pace 300 Sport is powered by the automaker's Ingenium 3.0-liter six-cylinder diesel mild hybrid with 296 horsepower (300 PS) and 479 pound-feet of torque. This is the one we don't expect to make land in the U.S. The F-Pace 400 Sport would be the one for us, assuming it leaps the Atlantic. The F-Pace Sport models follow the creation of the E-Pace Sport last year, and that trim on the smaller crossover didn't come to America, hence the uncertainty. Back to the matter: The F-Pace Sport 400 is powered by the Ingenium 3.0-liter straight-six gasoline mild hybrid with 395 hp (400 PS) and 406 lb-ft. Prices in the UK start at GBP62,250 ($80,900 U.S.) for the D300 AWD Auto 300 Sport, and GBP68,520 ($89,050 U.S.) for the P400 AWD Auto 400 Sport. The duo add Alexa voice control to their infotainment suites, the ability to request anything online or change the temperature in your second bedroom at home now officially an F-Pace thing. Jaguar says it will add Alexa integration to every F-Pace globally that's fitted with Pivi Pro Infotaiment via an over-the-air update. Wireless Android Auto and Apple CarPlay are now also standard.   Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.