Formula E suffered a financial loss in 2018

Formula E suffered a financial loss in 2018

May 8, 2019 0 By autotimesnews

The revenues of the Formula E electric series, as well as expenses, increased for the 2018th – this follows from the published financial statements of the organizers.

In the five years of its existence, the series has never once brought a profit to its owners for the year. Last year, the loss before tax was $ 29 million. And the total loss over five years amounted to 168 million.

On the other hand, revenue is growing. In 2018, this figure reached a record 149 million for the series, an increase of 43 million over the year. This was made possible by the inclusion of race races in Saudi Arabia and the arrival of ABB’s title partner, as well as sponsors Heineken and Bosch.

78% of the series’s revenues came from licensing fees and race contracts in cities around the world, including Paris, Rome, Monaco and New York.

The stands of Formula E in 2018 had a total of 476,000 spectators, which is twice as high as 220,000 in 2017. The television audience has grown from 223 million to 330 million viewers.