LONDON: The all-electric Formula E motor racing series will make a profit for the first time next season despite its biggest ever marketing spend, founder and chief executive Alejandro Agag said on Thursday.
Formula E posted losses of 26.4 million euros in season four ending July 31, 2018 after being 20.8 million in the red a year earlier. Agag told Reuters in 2017, after Formula E reported an operating loss of 33.7 million euros to end-July 2016, that the series would have broken even already without a decision to invest significantly in marketing and promotion.Agag said the series had come through early financial difficulties and the precarious years were now over."Now this is like a rocket," he said.
The cars remain a way off Formula One pace but can accelerate from 0-100kph in 2.8 seconds and hit a top speed of 280kph.