Organisers have claimed that Formula E delivered a US$83.7 million boost to the local economy in Hyderabad, India.
- 31,000 people in attendance, with 59 per cent coming from outside Hyderabad
- US$4.8 million generated by events from Mahindra Racing and Jaguar Racing, as well as sponsors like ABB, DHL and Greenko
- US$4 million spent on hotels and accommodation in the area
- US$3.5 million created in media value across TV, online, print and social media
- US$1.8 million spent in local restaurants on food and beverage
Context: Not only was this Formula E’s first race in India, but the all-electric series claimed it would be the world’s first net zero event staged at this scale. This was secured through the title sponsorship of Greenko, with the company reportedly powering the entire event with renewable energy.
Comment: Alberto Longo, co-founder and chief championship officer of Formula E, said: “The first Formula E race in India delivered thrilling entertainment for attending fans and viewers tuning in around the world while making a hugely positive impact on Hyderabad’s local and regional economy.
“My team at Formula E is working incredibly hard to secure the commitments necessary that would enable us to return next season and deliver an even bigger event, with greater economic impact. I’m hopeful this will happen and we will race in Hyderabad in early 2024. Stay tuned.”
Consequence: This will be welcome news for the all-electric series, but currently Hyderabad does not find itself on the 2024 calendar. Formula E will hope that any contractual issues will be overcome so that they can build on this swell of support for the series’ first ever race in India.