Electric racing could help flog 77 million EVs

The new all-electric Formula E Championship will help the car industry sell an extra 77 million electric vehicles (EVs) over the course of 25 years. That’s according to a new […]

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The new all-electric Formula E Championship will help the car industry sell an extra 77 million electric vehicles (EVs) over the course of 25 years.

That’s according to a new report by accounting firm EY, which was launched at an event in London this week where Renault’s Formula E car (pictured) was shown off for the first time in the UK.

Juan Costa Climent, EY Global Climate Change & Sustainability Services Leader said: “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.”

The report claimed the extra sales would bring in €142 million (£119m) of extra revenue for the car industry and create 42,000 jobs. It said the EVs would save 4 billion barrels of oil and prevent 900 million tonnes of CO2 emissions from entering the atmosphere – the equivalent of Italy’s annual emissions for two years.

On top of that EY predicted lower pollution would save a stratospheric €25 billion (£21bn) in reduced health care costs and improved productivity.

Alejandro Agag, CEO of Formula E Holdings said: “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.”