New Formula E CEO Jamie Reigle believes the series is well shielded from the financial fallout of the coronavirus pandemic, and said that it will move to permanent race tracks to try to finish its season. Reigle, the former Rams and Manchester United exec, joined Formula E in September ’19. The electric car racing series is now in its sixth season and was able to get in five races before the season was suspended. Reigle said most of Formula E's revenue comes from sponsorships, which are continuing and which he expects to be able to fulfill the terms of, whether by completing most of the season later this year, offering future make-goods or both. Formula E was originally set for 14 races this season, and with five out of those already run, Reigle is hoping to get to 10-11 events total. Reigle noted that by FIA standards, it only needs to run one more to officially crown a champion. He added: "We’re indexing much higher on sponsorship and lower on ticketing and media, so that gives us a degree of protection.” Reigle took over the CEO role so Formula E Founder Alejandro Agag, who now serves as Chair, could focus on more long-term projects, including launching the Extreme E electric SUV racing series.
LEAVING THE CITY: One of Formula E's chief hallmarks is racing on temporary street circuits in city centers but Reigle conceded that he is looking to finish the season at permanent race tracks far away from such metropolitan locations. He listed tracks in England like Silverstone, Brands Hatch and Donnington as venues he is in touch with. Formula E's annual race in N.Y. has already been canceled, because host location Brooklyn Cruise Terminal was being used as a temporary hospital. Reigle also is hopeful that the pandemic won't lead to too many car companies slashing their investments on electric cars or a decreasing consumer appetite. "The underlying trends of electrification are really strong," said Reigle, who was at home in Hong Kong during his phone interview with THE DAILY. "On (the) positive side, with so many people staying at home and seeing the earth maybe being a little bit more healthy (with less pollution in the air), we would argue that would make people think a little bit more about buying an electric vehicle the next time."
