EY Report Forecasts Formula E To Contribute To Electric Vehicle Sales Increase
A report, released on Tuesday by Ernst & Young, has analyzed the global value of the FIA Formula E Championship, revealing that the new zero emission race series will help contribute to the additional sale of 77 million electric vehicles worldwide over the next 25 years. The paper studied the impact of Formula E and its contribution to removing the current barriers affecting the EV market -- such as pricing and technology -- and quantifying that in terms of the number of attributed EV sales. As a result of this increase in sales, together with the presence of Formula E in each of its host cities, the report identified how this will lead to tangible local and global economic, social and environmental benefits. It also quantified how the additional sale of 77 million EVs would lead to €142M ($191M) extra worldwide sales for the car industry and the creation of 42,000 permanent jobs (based on a career duration of 40 years). 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 CO2 -- comparable to Italy's current annual emissions over two years (Formula E).