Thursday November 30, 2023

Formula E Means Big Business for Motorsports

Dennis Schneidler-USA TODAY Sports/Design: Alex Brooks
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Formula E is gaining momentum among racing fans and businesses that support the sport. 

The third-largest form of global auto racing and its 24 full-time drivers will be on display this weekend when Formula E hits the streets of Monaco. Formula E is a single-seater motorsport championship that only uses electric cars.

The 2021 Monaco ePrix will have drivers compete for points using an extended track layout to show the potential of EV compared to when drivers would use multiple cars to finish a race.

The series has a collection of high-profile sponsors that includes:

  • TAG Heuer
  • Moët & Chandon
  • Automation tech company ABB Group, Formula E’s title sponsor

Other racing organizations are on the same page. NASCAR has its Green campaign, which includes initiatives around biodiesel and oil recycling. Formula One plans to have a net-zero carbon footprint by 2030. 

Ferrari is the latest carmaker to integrate the Le Mans Daytona hybrid classification, a new hypercar class that demands a clean-energy output. Ferrari will join Acura, Toyota, and Audi on racetracks in 2023 with LMDh-classified vehicles that cost around $1 million (minus the engine).  

Luxury Italian apparel brand Moncler announced a partnership with Extreme E in December and will provide the electric off-road racing series with a dedicated uniform for its onsite team. 

Formula E turned a profit for the first time in 2019 with $220.5 million in revenue. The series returns to the States for the New York City ePrix in July.

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