Longo expressed confidence in going to Hyderabad next year while speaking to PTI on the sidelines of the first ever Formula E race in Jakarta.
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Alberto Longo, co-founder of Formula E, envisions a long-term future for the all-electric world championship race in India and expressed confidence that the regulatory and fiscal concerns that drove Formula 1 out of the nation will not derail their ambitions because they have done enough “research.” Longo further stated that while the series may struggle to acquire the same level of popularity as Formula 1, it is already more relevant. Longo expressed confidence in going to Hyderabad next year while speaking to PTI on the sidelines of the first ever Formula E race in Jakarta. On February 11, India’s first ever electric race is set to take place.
“The FIA World Motor Sport Council is meeting in 20 days. After that we will make the announcement of the calendar. Hopefully, Hyderabad would be part of the calendar. I am talking to them on a daily basis and hopefully we will reach the finish line soon,” Longo said in an interview. “India is a massive market for us, a tier 1 market for us. You don’t know what the future brings but the intention is to stay there for a long time. It won’t be a 20-year contract to start with. It would be a medium term deal and hopefully we extend it four or five years.”
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Due to the promoter’s financial condition and taxation concerns, Formula 1 came to India in 2011 but only lasted three seasons. In India, where organisers must work with both state and federal governments, bureaucratic red tape can be a stumbling block. “Those issues were more related to tax. We have very good tax advisors, we know the challenges, we know the potential risks and liabilities that we have. We have done our homework on that front. If all goes to plan, I see a long term future for us in India,” said Longo.
Since its maiden season in 2014, Formula E has evolved tremendously. Mahindra, Porsche, Jaguar, Nissan, and Mercedes are among the prominent automakers that call it home. “It is important to remember that why we started. The idea was to create a platform to promote electric mobility. The mission is never ending in that sense,” said Longo.
“I am a big fan of Formula 1 myself. I was involved in the sport. But I also learnt what I would not take from F1 if I ever became a promoter. I have all my respect for what they are doing but we are not competing with them. They are a fantastic racing championship but we race with a purpose. It is a lot more than a racing championship,” he added.
