In a recent development, it was revealed that Indian team Mahindra Racing is set to take part in the first edition of FIA Formula E Championship, which is going to be held in September, 2014. Mahindra Group, a Mumbai-based multinational worth USD 16.2 billion, has a motor sports division, which is going to feature its team in the race. According to reports, a deal was signed between the motor sports division of Mahindra Group and Formula E Holdings regarding participation from the former. By signing this deal, Mahindra Racing has become the eighth team in this zero emission series. It will also be the only entry from India at the first FIA Formula E Championship.
Formula E racing is a new concept altogether and aims at defining the future of world automobile industry. In the first season of this unique series, ten races are going to be held within the span of a year at locations like Beijing, London and Los Angeles. Sources claim that these races are mainly aimed at the promotion of electric vehicles across the globe. Apart from this, experts feel that this competition will help in advancing the technology with respect to electric vehicles. It is only logical that this concept has generated tremendous interest throughout the globe from racing enthusiasts, media and industry experts. In fact, many reports from firms have claimed that the Formula E concept has a really bright future.
Alejandro Agag, Chief Executive Officer of Series Promoters Formula E Holdings, said that he was looking forward to its association with Mahindra Racing. “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,” he said.
Confirming the same and expressing excitement about Formula E, S P Shukla, Chairman of Mahindra Racing, said, “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.”
A recent study projected that Formula E has the capability of contributing to additional sales of electric vehicles by a colossal 77 million, spanning over a period of 25 years. Notably, Mahindra Group has been one of the most active business entities in the world, which works quite hard towards the development of electric vehicles. In order to facilitate the same, this group works through its subsidiary, Mahindra Reva. Considering all this, experts feel that it was only logical that a team from Mahindra Group would take part in this race.
Pawan Goenka, Executive Director and President for Automotive & Farm Equipment Sectors, spoke about this development from a business perspective. “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,” he said.
Anand Mahindra, Chairman and Managing Director at Mahindra Group, was pretty excited about this development and elaborated on future prospects Formula E. “We strongly believe that Formula E can provide an excellent global showcase for our electric vehicle technology. 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,” he was quoted as saying.
This group is already present in the international motor racing circuit through its participation in the MotoGP World Championship. Experts feel more firms should take initiatives in the field of electric vehicles and motor sport. Not only do these things establish a strong presence of India in the international market, they also open up more avenues for the future. Some analysts feel that the participation of an Indian team will raise interest among fans in the country. Although nothing has been finalised as of now, strong rumours suggest that Mahindra Racing might get former Formula One racer Karun Chandhok on board.
