Without a doubt, Formula E is more than just a great sporting championship. In addition to bringing thrills all the way to the finish line in London with a heart-stopping finish, the series is leaving legacies from an environmental and economic point of view.
The first Formula E race in India, the Greenko Hyderabad E-Prix 2023, organized in partnership with the Government of Telangana and Ace Nxt Gen, generated an economic impact of nearly $84 million, according to an independent report reviewed by the tournament’s official website.
The study by Nielsen Sports Analysis estimated an $83.7 million boost to Hyderabad’s economy as a result of the inaugural ABB FIA Formula E FIA World Championship race in India on Saturday, February 11.
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By the Numbers
According to the report, more than 31,000 people attended or supported the sold-out race event, with the majority (59%) coming from outside Hyderabad and generating significant inward investment in the local economy.
A total of $83.7 million in direct, indirect and induced spending impact was recorded in the Hyderabad region for the 2023 Greenko Hyderabad E-Prix.
In addition, $4.8 million was accounted for generated from events and activations from the Mahindra Racing and Jaguar TCS Racing teams, championship sponsors ABB and DHL, local racing partners such as Greenko Group and Jio, as well as partnerships with the Hyderabad Electric Mobility Week, organized by the Government of Telangana.
There were also $4 million in hotel and accommodation revenues in the area. $3.5 million created in media value through TV, online, print and social media. $1.8 million spent on food and beverages at local restaurants.
Formula E’s only two-time champion, Jean-Eric Vergne, won the highly competitive race, which was watched live in more than 150 countries around the world and attended by a host of dignitaries, Bollywood celebrities and sports stars.