The Formula E all-electric racing series is set to receive world championship status from the 2020/21 season, joining Formula One as one of two single-seater FIA World Championships.
After receiving approval from the International Automobile Federation (FIA), motorsport’s global governing and sanctioning body, Formula E will officially become the ABB FIA Formula E World Championships.
Formula E founder and chairman, Alejandro Agag, said this status is only the beginning for Formula E, after turning a profit for the first time in its history as was revealed in September.
“It was always our ambition to one day become an FIA world championship,” Agag said.
“Everything we have done and delivered to this point has been working towards this particular moment in time.
“Achieving the feat and being granted with FIA world championship status adds more credibility to what is already a fully-fledged formula of racing and a spectacular sporting product.
“Now we can say we have done it.
“But it is only the beginning of a new chapter under the banner of the ABB FIA Formula E World Championship,” he said.
The agreement was signed in Paris by Agag alongside FIA president Jean Todt, for the five-year-old competition to be placed alongside Formula One of the top tier of single-seat motorsport.
The announcement comes after Formula E’s 2019/20 season opened with a double-header in Riyadh, which featured German manufacturers Mercedes and Porsche, joining the grid to bring the total number of manufacturers to ten.
The growth of the Formula E will be highlighted during this season with its biggest ever calendar, totalling 14 races across 12 cities, with the next event set to take place in Santiago, Chile on January 18.