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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.

2019 Jaguar I-Pace pricing announced, starting at $70,495

The Jaguar I-Pace electric vehicle arrives in the United States later this year with a starting price of $70,495, including destination, putting it head-to-head with luxury EV rivals like the Tesla Model S sedan and Model X crossover. Jaguar's fully-electric crossover is powered by two electric motors, one at the front and another at the rear, with the battery pack nestled in an underfloor, positioned in-between the front and rear axles. This powertrain not only provides the all-wheel-drive I-Pace with a low center of gravity and perfect 50:50 weight distribution, it delivers a total of 394 horsepower and 512 pound-feet of torque. According to Jaguar's stopwatch, the I-Pace accelerates from 0 to 60 mph in only 4.5 seconds and has a top speed of 124 mph. That lives up to the performance level a customer expects from Jaguar – not to mention being a match for the straight-line speed of Tesla's offerings at this price range. It should be noted, however, that despite aligning on price and performance with models S and X, the I-Pace is a bit closer in size to the Model 3. As we've already noted, the Jaguar's 90-kWh lithium-ion battery pack provides a useful range of up to 240 miles between charges. When you're running low on juice, a 100-hW DC fast charger will provide 80 percent of range in only 40 minutes. That's still a considerable amount of time compared to filling up with gasoline, though it's much better than the hours-long wait EVs usually required only a few years ago. Plugging in at home does require more patience, however. Using a 230-volt, 32-amp Level 2 home-charger requires just over 10 hours to recharge your I-Pace. Three trim levels are offered: S, SE, and HSE. There will also be a fully-loaded, one-year-only "First Edition" based on the HSE trim level, which carries a price of $86,895. In fact, it's very easy to start adding options – and a heftier tab – onto the base price of the I-Pace. Available safety features on the entry-level model include blind-spot assist, adaptive cruise control with steering assist, high-speed emergency braking, and a 360-degree surround-view camera. The First Edition model is pretty much the upper limit of I-Pace pricing, and comes fitted with all those safety features, along with a full leather interior, 20-inch alloy wheels, a 15-speaker Meridian surround sound stereo, and premium LED headlights. It's worth noting that Jaguar includes a substantial 8-year/100,000-mile battery warranty with each I-Pace.

Nearly 200 units of the Jaguar I-Pace recalled again due to fire risk

Jaguar has issued a safety recall that applies to nearly 200 units of the electric I-Pace. The crossovers included in the campaign can catch fire due to a battery-related problem, and they should have already been fixed but ended up not receiving the required software update. Assigned recall number 23V-709 by the National Highway Traffic Safety Administration (NHTSA), the recall includes 199 examples of the 2019 to 2023 I-Pace built between February 15, 2018, and February 7, 2023. These vehicles were also part of recall number 23V-369 issued in March 2023. Jaguar has since received one new report of a car in the United States catching fire; the incident happened on September 8, 2023. When it issued the original recall, it cited eight reports of an I-Pace catching fire on our shores between June 2019 and May 2023. Jaguar explains the recalled cars are at risk of a "thermal overload," which can manifest itself as "smoke or fire" that "may occur underneath the vehicle, where the high-voltage traction battery is located." The company hasn't detailed the root of the problem, but it previously noted that the updated software monitors the battery pack's status, detects when it's at risk of a thermal overload, and warns the driver accordingly. It also limits the battery's charging capacity to 75% if it identifies a problem and instructs the driver to visit a dealer as soon as possible. The issue is that some dealers "used a non-approved service diagnostic tool" that didn't upload the updated software to the car, hence why the 199 vehicles included in campaign 23V-709 are being recalled a second time. Jaguar's fix remains the same: It's asking owners to take their I-Pace to the nearest authorized dealership so that a technician can update the Battery Energy Control Module (BECM) software. Owners who have already paid to get the problem fixed will be able to claim a refund from the British brand. And, they're being asked to park their car away from structures, such as a garage or a house, and charge outside for 30 days after the software update has been completed. Jaguar will begin notifying owners of affected cars by mail on December 15, 2023.