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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 says F-Type sales off to flying start

As we noted in our recent first drive, Jaguar's luscious new F-Type roadster is a bit of a tweener in both size and cost, lining up in between rival Porsche's Boxster and 911. That one-for-two-segment strategy is showing early signs of paying off, with Automotive News reporting that half of the car's 2014 production allotment is already sold. We're not talking huge numbers - sports cars in this segment only "have a global annual volume of about 75,000 units and a market share of 0.1 percent," notes Jaguar brand director Adrian Hallmark. Yet the company figures the F-Type will work out to about 15 to 20 percent of its total volume of around 60,000 units.
From where we sit, this is all very encouraging news, but it's way too early to call the F-Type a smash hit. The sports car segment is known for its fickleness and its front-loaded sales curve, so the real measure of success will be how it fares over the next few years after early adopters get their cars. Jaguar will have to work to keep the F-Type fresh with new variants, and we hear it's prepared to do just that. The British luxury marque hasn't confirmed a hardtop coupe variant yet, but patent images and spy shots suggest one is on the way shortly, and it ought to extend the model's appeal greatly. A four-cylinder option and a manual transmission have also been rumored, and presumably Jaguar will eventually launch higher-performance R and R-S variants as it has done with various model lines, including its other sporty two door, the XK grand tourer.

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.