Formula E to Generate 77 Million More Electric Vehicles Sales According to Report

Seventy-seven million additional Electrical Vehicles (EV) will be sold as a result of the FIA Formula E Championship according to a report from EY.

The professional services firm said Formula E will help contribute to the sales of EVs worldwide over a 25 year period, from 2015-2040.

The paper studied the impact of Formula E and its contribution to removing the current barriers affecting the EV market – such as pricing and technology.

As a result of this increase in sales, together with the presence of Formula E in each of its host cities, the report identified how this will lead to tangible local and global economic, social and environmental benefits.

It also quantified how the additional sale of 77 million EVs would lead to €142m ($190.5m) extra worldwide sales for the car industry and the creation of 42,000 permanent jobs.

Juan Costa Climent, EY Global Climate Change & Sustainability Services Leader, commented: “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.

“With an estimated 77 million more electric vehicles on the road by 2040, as a result of Formula E together with all its stakeholders, today’s unveiling of the latest racing car technology is the first step in an exciting journey for the industry.”

Alejandro Agag (pictured right), CEO of Championship promoters Formula E Holdings, added: “From the very beginning, the concept of the FIA Formula E Championship has been to promote the electric car industry and to change people’s perceptions of these vehicles.

“People don’t view electric cars as ‘cool’ or ‘exciting’ and they don’t believe they can work for their needs. This is one of the main barriers preventing the growth of the industry. But through entertainment, sporting competition and investment in R&D, Formula E can help change this.”

Formula E will use fully-electric single-seater race cars capable of speeds in excess of 225km/h and starts in September 2014.