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How much are Formula 1 electric cars?
I’m a big fan of Formula One racing, and I’ve been wondering if and when the cars are going to start going electric, and how much they’d cost compared to standard Formula 1 cars. How much are Formula One electric cars?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
In 2020, Formula One pledged that all of its races would be sustainable by 2025. Many fans assumed that would likely come in the form of
electric cars
. Thus, Formula E—the electric version of Formula One racing—was born. The cost to run a championship Formula One team has been notoriously high for quite some time, typically in the half-billion dollar range. Formula E racing, on the other hand, is surprisingly cheap to run comparatively.
In the 2018-19 season, Jaguar spent just under $12 million on a two car Formula E team, which is less than 10% of the $145 million capped cost for Formula One racing as of 2021.
The reduced cost to run Formula E racing is exactly in line with the goals of the segment itself, which is to reduce expenses, emissions and overall environmental impact of the race, with an eventual goal to keep the cost of a full season under $3.3 million, excluding the cost of the car build itself.
**When formulating the final cost of the latest Generation 3 Formula E cars, the rulebook for the latest season limited the final cost of each car to €340,000 or $357,473 USD including chassis, battery and powertrain.
Whether you’re driving a high-powered Formula E car or a humble Prius you can get a great deal on your
car insurance
plan with the Jerry
app.Jerry is the easiest and most effective way to find a car insurance policy that is customized for you. After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to.
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