Formula E CEO and founder Alejandro Agag bullish about electric motor sport’s staying power
In 40 years, Formula E will be the “only motor sport out there” according to CEO and founder Alejandro Agag. The series, in its fourth year, has attracted major players such as Renault, Jaguar, Audi, BMW and Mahindra – with Mercedes and Porsche set to follow suit.
“I think Formula E is going to get really, really big. I believe that in 20, 30, 40 years, we will be the only motor sport out there,” said Agag to ESPN at the Formula E title sponsor announcement on Tuesday, in London.
“There may be others but we will be probably the main motor sport because the world will be electric. If the world is not electric in 20 or 30 years, we are in trouble. So, even if that happens, then Formula E will be the championship of the cars.”
While this implies that Formula E will eclipse Formula 1’s pulling power – a point which Virgin founder Richard Branson has stood by in the past – Agag tempered expectations: “We never like to put ourselves in competition with F1. We love F1, we think F1 is great. But I never disagree with Richard Branson, he’s a very clever man and he gets it right most of the time.”
Formula E’s title sponsor announcement was made on Tuesday as electronics giant ABB lent its name to the series at an estimated cost of $15 million per year until 2025.