The Roar of Formula 1 is Over: Agag

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Nov. 12 (Bloomberg) -- Alejandro Agag, Chief Executive Officer of Formula E Holdings, discusses Formula E electric vehicle racing and the end of the quintessential roar of the engine. He speaks on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

Problems per the first one is noise or absence of noise.

People want to hear the roar of the cars.

Electric cars are maybe not silent but pretty close to being silent.

Are people still going to come?

I think people are going to come.

I have the greatest admiration for bernie ecclestone.

I hope to convince him.

I am a fan of formula one.

The roar is over for these new sports cars for us.

Auroras over?

This whole experience?

Yes, it is good to be different.

Maybe you remember the motor race in star wars.

It is the son of the future.

We need a new sound.

We're talking a new kind of fans.

I am an old fan.

Now, the young kids they like to play, they like to interact.

That is what we're going to give them with formula e. another issue is cost.

We now much it is to put on a street race and it is cheap.

Can you do that?

Cost is definitely a good point.

But we are doing this on a very cost controlled environment.

Teams have cost cuts which we can do.

There is a problem even with the business model for formula one.

Some sponsors have fallen away.

The cost is very high, but as we are starting from the beginning, we can do that.

We can cut the costs.

Our cars require a bit less of walls or fences of safety.

We have three types of tracks.

The cost is limited.

We are actually doing fine.

It may have an idea of how much it cost to run a formula one team and how much it will cost to run and eat team.

-- to run a formulate ee team.

The cost of formulate ee team will be very moderate, it will be in the range of 3,000,002 race for the whole season.

Am i wrong that the budget for for ari, for formula one is 400 million?

We're talking maybe one or two percent of the cost, yes.

Were the sponsors?

Everybody comes to their own car to the competition.

You have michelin, you have tagged hoyer.

-- you havetagg tagg.

We have read no, williams -- renault and williams.

Why are you doing this?

We're doing this because we think it is important to promote the message of electric cars.

Second, we love racing.

Third, we want to have fun.

And you think you're going to make money?

We are convinced are going to make money.

We're doing a very big investment on this so we expect a good return on investment.

We think we need to invest in the beginning that is why we set up this big project with the cars.

We pay for cars, we give them to the teams, we launched the project.

You are targeting a different audience with these races than formula one.

Explain that to us.

There's a problem with the young audience.

Not an formula one, and every sport.

They don't want to watch anymore, they want to play.

What we want to do is make this championship something they can play with.

We have a digital video game.

We're going to have a system by which social media, kids are fans can give an extra push to one of the drivers in the race.

They get to push to passes or for push to passes.

He gives a more horsepower to pass other cars and actually a fan can pass -- it is a little anticompetitive, isn't it?

The offset is that you get real interactions between the fans and the race.

We're talking with televisions all over the world.

In japan they love this concept.

We tried to get ways to have fans interact with sports.

You say you have a problem with kids not want a watch is that they don't have as much money to spend as adults.

It is a target that companies want to get to.

Francine, i'm going to pass it back to you.

All right, i'm looking forward to it.

I want to know how quiet they are.

I know they play music.

All right, up next, henkel beat profit estimates.

That is coming up next.


This text has been automatically generated. It may not be 100% accurate.


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