Formula E Series is attempting to take over the world of auto racing with the use of electric vehicles. Chief Executive Alejandro Agag hopes to promote wider use of battery-powered vehicles through races that take place in the the center of the world’s most popular cities. The points of parity associated with the value proposition for this business allows Formula E to focus on the same target market as the Formula 1 Series, with the additional incentive of being able to promote to a large audience the message of sustainable energy. It still includes high-speed races between some of the best drivers in the world, which is what draws customers in. The business has taken Formula One’s strengths such as high brand awareness in the sport, in particular Formula One racing, and molded it with opportunities in the market such as environmentally-friendly racing. As the world has put more importance on maintaining clean mobility and sustainability, many countries and companies are willing to assist Formula E in promoting this variation of Formula 1 racing. The company is adapting to the changes in society’s values and beliefs, and thus is able to generate interest from some of the wealthiest people in the world, such as Carlos Slim, the richest person in the world. With cities already demonstrating willingness to support this commitment to sustainability, it would not be a surprise if electric racing dominates the racing market within the next ten years.
Works Cited
Formula E Racing Series Slated for 2014 Debut. Digital image. Greener Ideal. N.p., n.d. Web. 26 Sept. 2012. <http://www.greenerideal.com/vehicles/0830-formula-e-racing-series-slated-for-2014-debut/>.
Santos, Nina Dos. “Electric Cars: Future of Auto Racing?” CNN. N.p., 21 Sept. 2012. Web. 26 Sept. 2012. <http://edition.cnn.com/2012/09/21/business/formula-e-agag/index.html?hpt=hp_bn1>.
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