Formula E and the FIA have announced the introduction of new financial regulations for the ABB FIA Formula E World Championship after their approval at today’s meeting of the FIA World Motor Sport Council.
The new financial regulations come into force from 1 October next year and will align with the championship’s technical and sporting regulations. Two sets of financial regulations will be introduced, one for Formula E teams and another for Formula E manufacturers.
Jamie Reigle, CEO, Formula E, said: “Over the past 18 months, we have worked closely with FIA and all participants in the ABB FIA Formula E World Championship to create a regulatory framework that will underpin the long-term financial sustainability for all participants in Formula E.
“When combined with recent enhancements to our technical regulations and sporting format, this financial system will strengthen Formula E’s value proposition. In partnership with the FIA, we have created a framework which places long-term financial success at the core the championship - supporting our existing teams and manufacturers while attracting new competitors and investment.
"We've created a framework that places long-term financial success at the core the championship; supporting our existing teams and manufacturers while attracting new competitors and investment.
"The regulations are designed to complement our ambitious technical roadmap and enable manufacturers in Formula E to showcase the potential for electric vehicles in the most demanding racing conditions."
“The financial regulations are designed to complement our ambitious technical roadmap and enable manufacturers in Formula E to showcase the potential for electric vehicles in the most demanding racing conditions: the ABB FIA Formula E World Championship.
"The shift to electric vehicles is accelerating and Formula E’s Gen3 car will set the standard for performance and efficiency. There is no turning back.”Frederic Bertrand, Formula E & Innovative Sport Activities Department director, FIA, said:
“I must commend the joint efforts of the FIA and Formula E’s financial teams, who have been working on these regulations for some months now, in close collaboration with the championship’s teams and manufacturers.
"The outcome meets all expectations and - on the eve of the introduction of the Gen3 car - will grant all stakeholders a clear vision of where the championship is headed, enabling them to plan for the future with confidence.
“The adoption of such measures enables Formula E to offer manufacturers the perfect platform for showcasing their technologies at managed and controlled cost levels while increasing the equitability among teams competing at the pinnacle of electric racing.”
The regulations will be enforced via the FIA’s Cost Cap Administration, which will monitor compliance, investigate instances of suspected non-compliance and update regulatory documentation.
In October and November 2022, Formula E teams will be able to voluntarily submit Season 8 documentation to acclimatise to the new regulations.
Published on 15th December 2021