Electric auto racing series Formula E has revealed that it has received $68.2 million (€60 million) of investment since the start of 2016 despite its total net losses hitting $110.5 million (€100.2 million) due to high-octane start-up costs. Another round of funding for an additional €33 million closed during the following financial year,” says Formula E’s chief executive Alejandro Agag. The series launched in September 2014 and a report in the Express last year revealed that in its first season it burned up net losses of $71.1 million (€65 million). Yesterday Britain’s Daily Telegraph broke the news that in the year to 31 July 2016 British holding company Formula E Operations (FEO) made an after-tax loss of $39.4 million (€35.2 million). The company covered the deficit with $51 million (€45.6 million) of loans from FEH and its net liabilities accelerated in line with this to $119.7 million (€107.2 million).

Source: Forbes July 04, 2017 05:26 UTC