Formula E championship to generate €142 billion EV sales by 2040

Zero emissions race will encourage uptake of electric vehicles saving 4bn oil barrels and 900 million tonnes of C0₂

(Pic: Formula E)

(Pic: Formula E)

A new zero emissions motor race is making electric vehicles (EV) sexy which could generate an additional 77 million sales of EVs over the next 25 years, according to a report.

Professional services firm Ernst and Young (EY) analysed the impact of the FIA Formula E Championship and its contribution to removing the current barriers affecting the EV market, for example pricing and technology. EY estimates the market could be worth a potential €142 billion by 2040.

Formula E is a new racing championship using fully-electric single-seater race cars capable of speeds in excess of 225km/h.

Beginning in September 2014, the series will compete in the heart of 10 of the world’s leading cities – including London, Los Angeles and Monte Carlo, with 10 teams, each with two drivers, going head-to-head to create a unique and exciting racing series designed to appeal to a new generation of motorsport fan.

Juan Costa Climent, EY global climate change and sustainability services leader said: “EY has undertaken rigorous analysis into the state of the global electric vehicle market, the challenges it faces, and the opportunities the technology can bring in terms of cost savings and environmental benefits.

“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.”

Car manufacturer Nissan is also looking to “sex-up” the EV market with its new BladeGlider prototype.

From an environmental impact, this would lead to the saving of four billion oil barrels – the equivalent of Japan’s current consumption over 2.5 years, together with the prevention of 900 million tonnes of C0₂ – comparable to Italy’s current annual emissions over two years.

Meanwhile, the resulting social impacts forecast savings of €25 billion on healthcare costs and productivity from the reduction of pollution in cities and a significant improvement in quality of life (see attached summary report).

Alejandro Agag, CEO of Championship promoters Formula E Holdings, said: “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.

“Motorsport can help show people that EVs don’t have to be slow or boring or uncool. What’s more, we can help accelerate the advancements in EV technology and aspects such as battery life, infrastructure and pricing.

“Obviously we can’t do this alone. We want Formula E to act as a catalyst between companies, leaders, experts, cities and policy-makers and together to drive the change towards the greater use of sustainable mobility.”

A cartoon by Formula E about how the championship will help drive the change towards a more sustainable future.

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