Saturday, May 16, 2020

Formula E reports losses in 5th season

Electric racing series Formula E posted a loss of €10.6 million on record revenues of €161.5 million across its fifth season, or about $11.6 million and $177.6 million, respectively, based on the exchange rate at the time. The new financial figures were disclosed in a previously unreported filing with the United Kingdom’s Companies House Registry, and they cover the company’s fiscal year that ended on July 31st, 2019, just a few weeks after the fifth season came to a close.
Liberty Media – Torque Press

Formula E has now posted a loss in each year of its existence, but the new figures show the series came as close as it ever has to turning a profit — meaning it was on relatively solid financial ground before its sixth season was completely disrupted by the COVID-19 pandemic this year.
The series lost €63 million (about $69 million) in its first season on paltry revenues of €21 (about $23 million) across its first season. In season 2, Formula E nearly cut those losses in half to €35 million (about $39 million) on revenues of €57 million (about $63 million). The series lost €21 million (about $23 million) on €95 million (about $106 million) of revenue in its third season. And Formula E reported losses of €26 million (about $29 million) on €133.4 million (about $149 million) of revenue during season 4.
Formula E had also reached a point where it started to feature more manufacturer involvement than any other racing series on the planet. Nissan joined the series, and competed against the likes of Audi, Jaguar, and BMW. Another team (HWA RaceLab) entered the series as a sort of precursor to Mercedes-Benz’s involvement in season 6, which is when Porsche also joined.

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