Forecast: Formula E Will Spur 77 Million Electric Vehicle Sales


  • Formula E Study Picture

    Formula E Study Picture

    Formula E is promoting itself as a way to spur sales of EVs. | November 14, 2013

Just the Facts:
  • Formula E said a new study predicts that the electric race series will spur the sale of 77 million electric vehicles by 2040.
  • Formula E also released a new YouTube video that promotes the political and social aspects of the racing series.
  • The study was conducted by professional services firm EY.

LONDON — Formula E has yet to turn a wheel, but a recent report predicts that the electric car racing series will contribute to exponential growth of electric-powered vehicles for personal transportation in the coming quarter-century.

Formula E also released a new YouTube video that promotes the political and social aspects of the racing series.

In the study, EY, a member firm of Ernst & Young Global Limited, has analyzed the global value of the FIA Formula E Championship, which is scheduled to launch in September 2014.

The new zero-emissions racing series, EY says, will contribute to the sales of 77 million electric vehicles between 2015 and 2040.

"Our research has shown the huge potential that Formula E has to accelerate not only the technology, but also to breakdown many of the misconceptions around electric vehicles," said Juan Costa Climent, EY global climate change and sustainability services leader, in a statement.

Formula E will feature fully electric open-wheel, single-seat racing cars similar in appearance to Formula 1 racing cars. Cars will compete in races on temporary street courses in major international cities, including London, Los Angeles, Monte Carlo and others.

"Motorsport can help show people that EVs don't have to be slow or boring or uncool," said Formula E Holdings CEO Alejandro Agag. "What's more, we can help accelerate the advancements in EV technology and aspects such as battery life, infrastructure and pricing."

Ten two-car teams are anticipated, and six — including U.S. teams Andretti Autosport and Dragon Racing — have already committed to participate.

Edmunds says: Will Formula E drive consumers into EV showrooms? The optimism of this glowing report will have to be validated by real sales numbers.

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