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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.

2024 Jaguar F-Pace Review: Fun, pretty and luxe, the big Jag's better with age

Pros: Engaging to drive; good looks; high-class cabin; crazy-good sport seats; big cargo area and generally more spacious than compact rivals Cons: Pricier than compact rivals, smaller than midsize ones; base engine acceleration a touch off the pace; convoluted climate controls The Jaguar F-Pace has now been around for quite some time – eight years have passed since we first got behind the wheel in far-flung Montenegro. While most vehicles would be well past their best years and already replaced by now, the 2024 Jaguar F-Pace is an example of something that has actually gotten better with age. Its infotainment technology is up to date and far easier to use than anything Jaguar Land Rover has offered before. Its cabin quality and design are better, the engines have been upgraded, and we even think the design tweaks made a few years ago improved upon an already knockout design. In many ways, the F-Pace is reminiscent of another small SUV thatÂ’s thrived past the usual best-by date: the Porsche Macan. It too is fun to drive, with exceptional steering, sharp handling and compelling performance, especially from the six- and eight-cylinder models. They are both for SUV shoppers looking to enjoy their time behind the wheel (and look good doing it), and are OK paying more money than other compact luxury SUVs. There is one major difference, though: The F-Pace is not only much bigger than the Macan, itÂ’s bigger than most of those other compact luxury SUVs. ItÂ’s closer to a midsize, with the closest size comparable being the Lexus RX. That grants it a spacious back seat and a surprising amount of cargo space. We were honestly not expecting to like the F-Pace as much as we did during a recent test drive of the P400 R-Dynamic S. It seemed likely that all those years in between times behind the wheel wouldnÂ’t have been kind. Far from it. We like it even better, and think those in the market for an SUV in its price range should give it a shot. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2024? Apple CarPlay and Android Auto can now be connected wirelessly. Jaguar also trimmed the F-Pace lineup down to three versions, all tied to a different engine. This results in the base price ballooning by $8,000 since the new base trim level is the R-Dynamic S.

Weekly Recap: Chrysler forges ahead with new name, same mission

Chrysler is history. Sort of. The 89-year-old automaker was absorbed into the Fiat Chrysler Automobiles conglomerate that officially launched this fall, and now the local operations will no longer use the Chrysler Group name. Instead, it's FCA US LLC. Catchy, eh? Here's what it means: The sign outside Chrysler's Auburn Hills, MI, headquarters says FCA (which it already did) and obviously, all official documents use the new name, rather than Chrysler. That's about it. The executives, brands and location of the headquarters aren't changing. You'll still be able to buy a Chrysler 200. It's just made by FCA US LLC. This reinforces that FCA is one company going forward – the seventh largest automaker in the world – not a Fiat-Chrysler dual kingdom. While the move is symbolic, it is a conflicting moment for Detroiters, though nothing is really changing. Chrysler has been owned by someone else (Daimler, Cerberus) for the better part of two decades, but it still seemed like it was Chrysler in the traditional sense: A Big 3 automaker in Detroit. Now, it's clearly the US division of a multinational industrial empire; that's good thing for its future stability, but bittersweet nonetheless. Undoubtedly, it's an emotion that's also being felt at Fiat's Turin, Italy, headquarters as the company will no longer officially be called Fiat there. Digest that for a moment. What began in 1899 as the Societa Anonima Fabbrica Italiana di Automobili Torino – or FIAT – is now FCA Italy SpA. In a statement, FCA said the move "is intended to emphasize the fact that all group companies worldwide are part of a single organization." The new names are the latest changes orchestrated by CEO Sergio Marchionne, who continues to makeover FCA as an international automaker that has ties to its heritage – but isn't tied down by it. Everything from the planned spinoff of Ferrari, a new FCA headquarters in London and the pending demise of the Dodge Grand Caravan in 2016 has shown that the company is willing to move quickly, even if it's controversial. While renaming the United States and Italian divisions were the moves most likely to spur controversy, FCA said other regions across the globe will undergo similar name changes this year. Despite the mixed emotions, it's worth noting: The name of the merged company that oversees all of these far-flung units is Fiat Chrysler Automobiles. Obviously the Chrysler corporate name isn't completely history.