1. Perception
Slow cars, no engines revving, car changes during races – scepticism was rife in the early days of Formula E. The decade since has put the brakes on that. Nowadays, the series is a destination for the world’s best racing talent – and it boasts the biggest line-up of car manufacturers of any world championship. Away from the racetrack, consumers are also charging towards electric mobility. Costs are falling, range anxiety is receding, and new models of all shapes and sizes – from electric SUVs to sports cars and small, compact EVs – are wheeling onto the market almost every day. Studies show that more than half of people planning to buy a car now choose either a fully electric, plug-in hybrid, or hybrid vehicle. Clearly, attitudes are changing from red to green.
2. Range
One of the biggest concerns for electric vehicle drivers is ‘range anxiety’, the fear that the car’s battery won’t cover the distance. Believe it or not, when Formula E started, it was the same for the race drivers! During the first four seasons, drivers had to swap cars halfway through because the batteries lacked the capacity to last the whole race. Range anxiety is slowly becoming a thing of the past, thanks to improved battery chemistry technology as well as gradually growing batteries. Nowadays, commercially available electric road cars can offer a range of up to 685 km. Given that the average American drives just under 60 km per day (and the average European less than half that), there’s little chance of having to make a pit stop to recharge on your way to work.
3. Engine power
The electrification of motor technology is not all about the batteries, of course. Talk to any car enthusiast, and the conversation will soon turn to how much spin improved range is driven by battery power, and that’s an area where the lessons learned over ten years of electric racing have amped up performance. The latest Gen3 Formula E race car boasts a staggering 350kw power pack – an increase of 75 percent over the original Gen1 model. The tech has served as a catalyst for the battery technology used in road vehicles too. Since the start of Formula E in 2014, the battery capacity of the Nissan Leaf, one of the world’s most popular electric cars, has increased by 181 percent. This year’s breakthrough in solid-state battery technology is likely to be a further game-changer. Solid-state batteries are safer, can power the car over longer distances and cut production costs.
4. Speed
Electric cars have never had a problem hurtling away from the stoplights. Be it race or road cars, they’re among the fastest and quickest-accelerating cars on the planet. Between 2014 and 2023, the top speed of a Formula E car increased by a whopping 97 km/h to 322 km/h and the latest-generation model can reach 0-100 km/h in 2.8 seconds. Likewise, even mainstream electric roadsters that make no claim of high performance can accelerate from 0 to 100 km/h in less than five seconds. In September 2023, an electric racing car built by Julius Baer-sponsored students from the federal technology institute ETH Zurich and the Lucerne University of Applied Sciences broke the world acceleration record with a car that went from 0 to 100 km/h in 0.956 seconds!
5. Sustainability
One criticism of EVs is that they’re less sustainable than touted, given the need to mine large quantities of lithium to produce their batteries. Recycling rates for these batteries have been very low at less than 5%. But with Formula E showing the way, that figure is increasing with time and innovation. All Formula E car batteries are given a second life after use and over 60% of the batteries can be recycled. The Julius Baer Research team assumes that, eventually, 95% of all end-of-life batteries will enter the recycling process. By the middle of the century, recycling will be able to cover most of the demand for battery metals and the recycling loop will be closed, paving the way for truly sustainable electric cars.
6. Sales
One of Formula E’s main aspirations when it thrust out of the blocks in 2014 was to speed up sales of electric vehicles generally. Less than 400,000 electric vehicles sold when the Gen1 car was cutting through the streets, whereas sales figures of 14 million electric vehicles are expected for 2023. That’s an increase by a factor of 28. Our researchers project the market share of newly sold electric vehicles across the world’s major car markets in China, the United States and Europe to reach 75% in 2030 and more than 95% by 2050.
7. China
It’s fitting that the very first Formula E race was held in Beijing in 2014. In the ten years since, China has gone on to play a leading role in the electrification of the car industry. It is now the world’s largest maker and market for electric vehicles and Chinese manufacturers account for 76% of the global supply in electric vehicle batteries. Around one in three cars in China currently come with a plug. The People’s Republic is also investing in the future of electric car racing too, with Hainan Province recently announcing plans to build a USD 700 million venue dedicated to hosting events such as the ABB FIA Formula E World Championship.
8. Chargers
Whether you’re a race driver hurtling around a street circuit in search of a best lap time, or a commuter trying to get to work, nobody wants to lose time charging their vehicle. An increasingly dense network of charging stations and lower charging times means you can get back behind the wheel in less time than it takes to charge a smartphone. According to the International Energy Agency, 2.7 million public charging points were available worldwide at the end of 2022. That’s a 55% rise on the year before. And charging times are falling quickly. Residential chargers can fully charge EVs in 6-8 hours, while ultra-rapid public chargers can add 300 km of range in a paltry 10 minutes. What’s more, plug-ins only need to be charged fully every 1-2 weeks for average vehicle usage.
9. Two-wheelers
The winners and losers on the Formula E race circuit may vie for the inside line on a set of four (recyclable) tyres – but the future of electric vehicles doesn’t rely on the number of axles. Did you know that two-wheelers – mopeds, scooters and motorbikes – account for about 30% of global mobility? Here too, increasing range, falling battery costs and supportive policies are all creating a buzz with consumers, especially in China, South Asia and Southeast Asia. The two-wheel market is set to be worth well over USD 200 billion by the end of this decade, and 30% of two-wheelers will be electric by 2030.
10. Green cities
It’s no coincidence that Formula E’s organisers have chosen from the outset to race on street circuits, placed in the middle of the world’s greatest cities. From Shanghai and Mexico City to Monaco and London, the aspiration is clear: let’s showcase how clean transport can improve the quality of living in our cities. The series contributes directly to clean air in all its race regions by investing in emissions-offsetting projects and ensuring recyclable tyres, batteries and broken chassis. Its legacy goes beyond its own net zero carbon footprint, however. Formula E brings together industry experts, public authorities and mobility specialists to tackle issues facing over-populated, heavily polluted cities. And it works with cities to improve infrastructure and raise awareness of the benefits of electric vehicles - one of the most effective means of tackling urban air pollution.