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Why Formula E’s Profits Have Been Slow To Rev Up [Forbes]
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Why Formula E’s Profits Have Been Slow To Rev Up The electric-powered auto racing series Formula E has spent more money than it has made since it was founded in 2014 but as its sixth season gets underway it appears to have finally found the formula for profit. When Formula E launched in 2014 many observers believed that the championship would hit the wall within a matter of months. It was the latest race series driven by a gimmick and followed Superleague Formula, which linked teams with football clubs, Grand Prix Masters for former Formula One stars and A1 Grand Prix where countries fielded teams. All of them ended up in the pits but Formula E has stayed the course. Unlike many ill-fated championships, Formula E’s gimmick aligns with the needs of auto makers as it allows them to showcase their green credentials which is becoming increasingly important. According to a recent report by the consultancy firm McKinsey, sales of electric vehicles accelerated 63% to more than two million un
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