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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 Land Rover recalls Takata airbag-equipped cars

In the latest chapter of what feels like the never-ending recall, Jaguar Land Rover announced that it's calling back 2009-2011 Jaguar XFs and 2007-2011 Land Rover Range Rovers for defective Takata airbags on the front passenger side. These Takata airbags have propellant that may have degraded and, if activated, could release metal shrapnel. The company is breaking up the recall into four phases, since currently there are not enough parts to do a full recall. Since the airbags can be more seriously affected by high heat and humidity, the first phase will cover vehicles that were sold and/or registered in regions with high temperatures and humidity. The regions included are as follows: Alabama, California, Florida, Georgia, Hawaii, Louisiana, Mississippi, South Carolina, Texas, Puerto Rico, American Samoa, Guam, the Northern Mariana Islands, and the US Virgin Islands. Other phases will begin as parts become available, and priority will be given to regions at greater risk of having defective equipment. Jaguar Land Rover encourages owners of affected vehicles to go to www.SaferCar.gov to check if their vehicle is included in the current recall. The first phase includes 54,000 of 108,000 affected vehicles. The company is also notifying owners of the issue, who will eventually get a second notification when parts are available so they can schedule a time to have the airbags replaced. Related Video:

Jaguar Land Rover will electrify all new models after 2020 — and maybe some old ones

Just as Volvo did earlier this year, Jaguar and Land Rover announced a date after which all new models introduced will be electrified. That date is 2020, a year after Volvo, and JLR's definition of electrification is very similar to Volvo's, including full electrics, plug-in hybrids, and mild hybrids. Whether the British automaker's mild hybrids will be something like the 48-volt start-stop function on the Audi A8 or a more conventional hybrid has yet to be announced. Regardless, internal combustion engines won't disappear from the Jaguar and Land Rover lineups yet, and there's still a couple of years before the start date for the companies to sneak in a fully gasoline or diesel model if they wish. And on the flip side, there's nothing stopping the companies from releasing EVs or hybrids before the start date, which is exactly what Jaguar is doing with the I-Pace. Jaguar reiterated that the electric crossover will go on sale in 2018. View 11 Photos Jaguar specifically isn't just looking at electrifying future cars, but also possibly classic cars. Jaguar Land Rover Classic revealed its fully electric E-Type concept. The vintage car department took a first-generation model and created a battery pack and electric powertrain that could fit in the car, leaving as much original as possible, including the way it drives. The battery pack and motor are mounted up front, with power sent to the rear, and they weigh roughly the same and fill roughly the same space as the old straight-six engine. This keeps weight distribution the same, makes packaging easy, and should keep the driving experience roughly the same as the old car — though the electrified version is faster. Jaguar claims a 0-62 mph time of 5.5 seconds, which is about a second quicker than the gas-powered model. It also has a range of 170 miles and a charging time of around 6 to 7 hours. Other changes include an updated interior with touchscreen infotainment, carbon fiber dash, and LCD instruments. Jaguar said this electric conversion is just a concept right now, which could be just as well. We're not sure many E-Type owners would line up to replace their old six- and 12-cylinder engines. After all, part of the appeal of those cars is the sound of the engine, and stirring a manual gearbox.