Formula E to fuel electric vehicle sales says new report
New zero emissions race series Formula E will help contribute to the additional sale of 77 million Electric Vehicles (EV) worldwide over the next 25 years (2015-2040), according to a new report.
Released today, the report, conducted by professional services firm EY, 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.
It quantified how the additional sale of 77 million EVs would lead to €142m extra worldwide sales for the car industry and the creation of 42,000 permanent jobs, based on a career duration of 40 years.
According to EY, this would lead to the saving of four billion oil barrels - the equivalent of Japan's current consumption over 2.5 years, and the prevent 900 million tonnes of C0₂ - comparable to Italy's current annual emissions over two years.
It also says that the resulting social impacts could provide savings of €25bn on healthcare costs and productivity from the reduction of pollution in cities and a significant improvement in quality of life.
Launching next year, the Fédération Internationale de l'Automobile's (FIA) Formula E series has, in part, been designed to promote the use of EVs and to appeal to a new generation of motorsport fans.
Formula E Holdings CEO of Championship promoters, Alejandro Agag, 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. People don't view electric cars as 'cool' or 'exciting' and they don't believe they can work for their needs. This is one of the main barriers preventing the growth of the industry. But through entertainment, sporting competition and investment in R&D, Formula E can help change this.
"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."
EY global climate change and sustainability services leader, Juan Costa Climent, 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. With an estimated 77 million more electric vehicles on the road by 2040, as a result of Formula E together with all its stakeholders, today's unveiling of the latest racing car technology is the first step in an exciting journey for the industry."
Formula E is a new FIA racing championship using fully-electric single-seater race cars capable of speeds in excess of 225km/h. Beginning in September 2014, the new racing championship uses fully-electric single-seater race cars capable of speeds in excess of 225km/h.
The series will compete in 10 cities - including London, Los Angeles and Monte Carlo, with 10 teams, each with two drivers.
Taking note of Formula E's impact on the motor industry, Formula One has taken steps to improve its environmental impact through a number of initiatives, including plans to introduce 1.6-litre V6 units with turbochargers, direct injection and energy recovery systems that are more sophisticated and environmentally friendly.
Speaking to edie in July, F1 team Vodafone Mclaren Mercedes' managing director, Jonathan Neale, said a number of changes are being made not only to reduce the environmental impact of the sport itself, but also to bring forward environmental technologies for the "greater good".