Amidst the global turmoil over oil prices, the automobile manufacturers are creating sustainable products to promote the growth of cars across the globe. In the recent times, the concept of Electric Vehicles (EV) has caught up rapidly with manufacturers aiming at providing cars running on batteries employing electric motors to propel them. The Formula One world is also putting efforts to promote the deployment of electric vehicles in the Formula Racing events for which they have created a distinct format of Formula E.
The governments across the world are trying to facilitate the use of sustainable products that will create a niche market for Formula E and a whole new dimension for market revenue. The use of electric vehicles is also expected to have an increased participation between companies, experts and policy makers, suitable indicators towards encouraging the Formula viewership. On an average the collection from the Formula E ticket sales is estimated to be between $8m-$9m with 250 jobs to be generated during each Formula E race events. The Formula E Holdings, parent company for Formula E racing events has already reported an increase in investments by $40m while simultaneously targeting US and Asian markets that are open to change on wide perspectives.
Driven by the increase in number of races, advertisements and sponsorships, the revenue in the racing business is projected to surge. The motor racing business has become a popular franchise with more than 500 million viewers around the world and annual races to be raised to 22 in the coming years. Private equity firm CVC Capital is planning $12bn market capitalization for Formula One through an IPO on Singapore stock exchange this year. Formula One will be offering stapled securities consisting of shareholders loan’s equity and units that pays a coupon of 10% a year and maturing by November, 2060.
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