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Electric Car Racing Series Formula E Announces Fall '14 Race In L.A.
Published April 23, 2013
SCHEDULE FILLING OUT: The series has announced eight of 10 cities where it plans to race in '14. Those include: London, Rome, Miami, L.A., Beijing, Putrajaya (Malaysia), Buenos Aires and Rio de Janiero. It will announce another city in Asia next month and a final city before the end of the year. Agag said, “We have over 50 cities that want to host a race. Many are attractive. But since we are unproven, we want to be very careful. We want to go to established cities. It’s important for us to give the right message, that the electric car is a solution for the cities.” The series hopes to add two races per year until it runs a total of 20 races in a calendar year. It hasn’t finalized any media rights deals to date in the U.S., but Agag said that Formula E will begin selling its rights more aggressively in the fall. By then, it will have announced more teams and the final two cities, which he believes will help strengthen its offering for broadcasters. Formula E also continues to work on sponsorship sales. Agag set a goal of selling $100M in sponsorship by the end of the year. The series only announced one deal, with Michelin, but it is in discussions with “five to seven groups” and deals with them would bring its sales total to $40M, Agag said.