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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 woos Tesla owners with $3,000 I-Pace EV discount

In a bid to kick start sales of its I-Pace luxury electric vehicle, Jaguar has set its sights at an unlikely target: current Tesla owners. The automaker confirmed to Engadget that it's offering a select group of Tesla owners $3,000 off the price of its I-Pace EV. The offer is also available to anyone who lives in a Tesla-owning household. Those consumers can combine the company's "Tesla Conquest" incentive with a $5,000 dealer discount and $7,000 allowance credit to get $15,000 off the I-Pace. With all three discounts, the base model costs $54,500, instead of $69,500. To top it all off, you don't have to trade in your Tesla to take advantage of the promotion. Instead, all Jaguar is asking for is proof of ownership and or registration. The offer is available until September 30th, 2019. Additionally, you can't combine the zero percent financing option Jaguar has offered since the start of the year with the current Tesla credit. It's no surprise to see Jaguar offer a major discount on the I-Pace, though whether it makes sense for the company to target Tesla owners is a different question altogether. Despite excellent reviews, including one from Engadget's own Roberto Baldwin, the company has struggled to sell its first EV. According to InsideEVs, this past July the automaker sold approximately 217 I-Pace vehicles in the U.S. In other words, it's hard to sell a $70,000 EV in a world where a $36,600 Model 3 exists. And yet Jaguar shows no signs of giving up. In July, the automaker confirmed that its I-Pace team is building an electric version of its flagship XJ sedan. This story originally appeared on Engadget. Featured Gallery 2019 Jaguar I-Pace View 74 Photos Green Jaguar Tesla Car Buying Crossover Electric

Jaguar creates custom Greatest Hits XJ for Iron Maiden drummer

Manufacturers like Alfa Romeo and Toyota are trotting out Nurburgring-themed special editions like NRING and GRMN, but for Jaguar, it's all about the NWOBHM. That's New Wave of British Heavy Metal, for those who do not start their day with some '80s hair metal turned up to 11. Jaguar is celebrating the venerable XJ sedan's 50 th anniversary this year, and as part of that, the Jaguar Classic Works department in Coventry, England, has built Iron Maiden drummer Nicko McBrain's perfect Series III XJ. The custom car, nicknamed "Greatest Hits," is the product of over 3,500 work hours and 4,000 redone parts. The Series III is, for some, the ultimate development of the first XJ body style, and McBrain's car is his third Series III. It's in most respects a restomod, as the front and rear bumpers, headlights, wheels, infotainment and other details have been modernized; the interior features rock-inspired custom touches like the guitar amplifier-style rotary knobs on the dashboard. The speakers of the 1,100-watt audio system are from the 2012 model year Jaguar XF, as those are what McBrain prefers. The steering wheel logo is a combination of the Iron Maiden mascot, "Eddie," and the Jaguar "Growler" logo. The Jaguar leaper mascot on the hood is from McBrain's first Jaguar XJ6; the paint is a special deep purple, and the interior has been retrimmed with Pimento red leather. But it's not just the appearance of the "Greatest Hits" XJ that has been massaged, as the 4.2-liter straight six of the 1984 XJ6 has been upgraded with three E-type SU carburetors. It also has a custom exhaust with quad tailpipes. There have been nine XJ series so far, and the 10th version is expected to arrive sometime next year. There are persistent rumors that it might eschew internal combustion completely, facing a reinvention as an electric sedan instead. Related Video: Featured Gallery Iron Maiden Jaguar XJ "Greatest Hits" View 13 Photos Image Credit: Jaguar Aftermarket Geneva Motor Show Jaguar Luxury Classics Sedan 2018 Geneva Motor Show