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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.

Lister LFT-C brings 666 horsepower to the Jaguar F-Type

Lister just announced a limited run of its LFT-C Jaguar F-Type conversion cars. It made 99 of the coupes in this spec, but now there will be 10 convertibles available for purchase worldwide. The LFT-C name further confuses Lister's naming for this car, which was initially known as the Thunder, then morphed into the LFT-666, and now these new convertibles are called LFT-C. We would've just stuck with Thunder all along and called this one a Thunder convertible. It makes the same 666 horsepower as the Lister F-Types before it, but that's still substantially more than the 575 horsepower out of the F-Type SVR. Lister does a lot of its own work to the 5.0-liter supercharged V8 to eke out the extra horsepower on top of what Jag is able to do with its performance division at the factory. The nice part of this aftermarket work is that it still comes with a seven-year warranty from Lister, so it's similar to a new car powertrain warranty. This should give you some peace of mind when dashing to 62 mph in just over three seconds. Related: Lister Knobbly roadster gets green light for production There's more than just engine work done to the LFT-C, though. Lister has designed its own suspension, exhaust, braking system and wheels to bring the rest of the car up to snuff. Carbon fiber body panels replace everything from Jaguar where possible. Other Lister design touches on the exterior include a new front bumper, front splitter, rear diffuser, rear spoiler, rear wheel arches, a new grille design and lightweight alloy wheels fitted with Michelin tires. Lister is differentiating this 10-car run by adding in a unique interior, but customers can request anything they desire on the customization front. With so few cars available, it's unlikely to see one on this side of the world after being manufactured in the U.K. That said, we asked Lister, and they said you can buy one here. Base price for the LFT-C is a cool $182,995, and that's only where it starts. We're sure customization options will allow it to skyrocket from there. The price for a base F-Type SVR Convertible is $127,725, so you're looking at a hefty premium over the donor car for what Lister has to offer. The LFT-C is available to order now.

Land Rover planning SVX hardcore off-roaders

The new Special Vehicle Operations division at Jaguar Land Rover has already given us an array of ultimate wheeled creations, but it isn't quite done yet. Next, according to Car and Driver, will be a new line of SVX models. Not to be confused with the Subaru coupe from the 1990s (which also had all-wheel drive, come to think of it), Land Rover's SVX models will be hardcore off-roaders. Details are few and far between at the moment, but they're said to take inspiration from rough-terrain events like the Dakar Rally and Camel Trophy as inspiration – different from the Ford F-150 Raptor that takes its cues from the Baja 1000. Last we heard, Land Rover was planning a hardcore Defender to send the model off to pasture in high-performance style, and considering an extreme Range Rover as well. If either of those rumors materialize, they look like they'd be prime candidates for the SVX line. JLR Special Vehicle Operations has already showcased what it can do with the high-performance Range Rover Sport SVR, the luxed-up Range Rover SVAutobiography, the exclusive F-Type Project 7 and the continuation classic Lightweight E-Type. C/D confirms that further SVR models are in store to replace Jaguar's R-S performance models, while the SVX line would likely remain exclusive to Land Rover.