Mahindra Racing to Compete in FIA Formula E Championship
Mumbai, November 28, 2013: Mahindra Racing will join the inaugural FIA Formula E Championship beginning in September 2014. The motor sports division of the Mumbai-based USD 16.2 billion multinational Mahindra Group has signed an agreement with series promoters Formula E Holdings to become the eighth and only Indian team to join the new zero emission series.
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The innovative all-electric global race series will include 10 races in its first season in city-centre locations around the world, including London, Beijing and Los Angeles, designed to raise awareness about electric vehicles as well as help advance EV technology.
The series has generated significant interest globally, and professional services firm EY recently released a report forecasting that Formula E will help contribute to the additional sale of 77 million electric vehicles worldwide over the next 25 years.
Already a major global force in the development and production of electric vehicles through Mahindra Reva it was a natural step forward for the Mahindra Group to join the Formula E Championship.
“We strongly believe that Formula E can provide an excellent global showcase for our electric vehicle technology,” said Mr Anand Mahindra, Chairman and Managing Director of Mahindra Group. “With advanced operations and expertise in electronics, IT, automotive technologies and manufacturing, we are already seeing the fusion of this technology into our electric vehicle operations. Racing will further accelerate that trend while Formula E is set to raise awareness globally about the benefits of electric vehicles.”
Mahindra is no stranger to international motor sport, with Mahindra Racing already established within the two-wheeled world of the MotoGP™ World Championship.
According to Dr. Pawan Goenka, Executive Director and President (Automotive & Farm Equipment Sectors), “As pioneers of electric mobility in India, we are extremely thrilled to extend EV technology to the exhilarating world of the Formula E championship. This will not only help us develop next generation EV technologies, but will also catapult our product development capabilities to the next orbit.”
“We are very excited about our new adventure with Formula E,” says Mr S P Shukla, Chairman, Mahindra Racing and President- Group Strategy. “Mahindra Racing is relatively young, but we have seen how racing delivers benefits to our organisation, not only from the brand perspective, but equally in terms of technology advances and motivation. This is an excellent addition to our racing portfolio and we are looking forward to a successful future in Formula E.”
Alejandro Agag, CEO, of series promoters Formula E Holdings, added: “We are very proud to have a major global company like Mahindra join the FIA Formula E Championship. Adding a manufacturer from India to what is already a real global mix of teams is fantastic news for the series. Everything is coming together very well and we look forward to presenting all ten teams to the FIA World Motor Sport Council next month.”
Further details of Mahindra Racings Formula E team will be revealed over the course of the next few months.
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.2 billion multinational group based in Mumbai, India, Mahindra employs more than 180,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles,after-market, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. In 2013, the Mahindra Group received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category.