British luxury car manufacturer Jaguar has signed a multiyear agreement with Envision Racing to provide powertrains for the Formula E team.
The collaboration comes after Audi made its decision in November 2020 to withdraw as an entrant in Formula E prior to the 2022 season, which started last month.
Audi had provided Envision Racing with powertrains since 2018, but Formula E’s switch to the Gen3 car caused the German carmaker to pivot. Making their debut this spring, Gen3 models will be the world’s most efficient racing cars, with 40% of energy coming from regeneration.
- Envision Racing has 10 wins and 25 podiums in Formula E.
- The team collected four of those wins during its time working with Audi.
Formula E turned a profit for the first time in 2019 with $220.5 million in revenue. The series is also gaining popularity, as race viewership increased by 125% in key overseas markets during its seventh season, which took place between February and August of 2021.
Formula E saw 25% year-over-year audience growth in the U.S. during that same span.
Room for Improvement
Formula E will impose new financial regulations approved by the FIA World Motor Sport Council for Season 9 of the ABB FIA Formula E World Championship on Oct. 1, 2022.
The regulations enhance the long-term financial sustainability of Formula E by monitoring and controlling the spending levels of teams and their manufacturers.
