Why should the world’s biggest oil producing nation host a race for only electric cars? Formula E founder and CEO Alejandro Agag said that’s because it’s the way of the future.
December will be the first time a Formula E grand prix will be held in Saudi Arabia. Alejandro Agag said he had been looking for a home for the race in the Middle East for a long time.
“I think it is because of the vision of the crown prince, Vision 2030. The country is changing, is making a lot of reforms and it is also focusing on renewable energies and electrical cars.” Saudi Arabia has invested in electric car makers Tesla and Lucid motors.
The four-year-old sport is growing in manufacturer involvement and stature.
“We started as a very small venture. Now we have nine big common manufacturers, the last ones are Porsche and Mercedes. Now, a lot of companies are coming, a lot of technology partners. Formula E is becoming huge,” He said.
Meanwhile, the founder shrugged off the inevitable comparison with Formula 1. “We are very different. We race inside the cities. We race electric cars. We make less noise. It’s a very different concept.”
As for monetizing the series, there are significant revenues from sponsorship, such as title sponsor ABB. Agag highlighted that tickets are only a small part since he wants to make Formula E very accessible for fans, with the hope of his young fans growing up with electric car racing.
“I think when we started Formula E, we didn’t know where the world was going to go. But now it’s clear that the world needs to go electric, in terms of mobility.” Agag shared his global domination map, “After Riyadh, we got Morocco… Mexico, Rome, Sanya and Hong Kong.”