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Formula E Race Delivered USD 84 Million Economic Benefit To Hyderabad

Formula E was one of the first major international sports entertainment event which created an economic impact in Hyderabad. Now, WWE will aim to follow that success…. Hyderabad (Telangana) [India], August 2: Formula E’s first-ever race in India, the 2023 Greenko Hyderabad E-Prix, hosted in collaboration with the Government of Telangana and Ace Nxt Gen, delivered [...]

ST Correspondent Super Admin

Aug 2, 2023 • 6:10 PM

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“Formula E Race Delivered USD 84 Million Economic Benefit To Hyderabad”

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2 Aug 2023

Formula E was one of the first major international sports entertainment event which created an economic impact in Hyderabad. Now, WWE will aim to follow that success….

Hyderabad (Telangana) [India], August 2: Formula E’s first-ever race in India, the 2023 Greenko Hyderabad E-Prix, hosted in collaboration with the Government of Telangana and Ace Nxt Gen, delivered an economic impact of nearly $84 million, according to an independent report published today.

The in-depth economic study conducted by Nielsen Sports Analysis calculated an $83.7 million uplift to the Hyderabad economy as a result of the ABB FIA Formula E World Championship’s debut race in India on Saturday, 11 February.

$83.7 million in direct, indirect and induced impact from spending in the Hyderabad region for the 2023 Greenko Hyderabad E-Prix.
$4.8 million generated from events and activations by teams Mahindra Racing and Jaguar TCS Racing, championship sponsors ABB and DHL, local race partners such as Greenko Group and Jio as well as associations with the Hyderabad E-Mobility Week, organised by the Government of Telangana.
$4 million spent on hotels and accommodation in the area.
$3.5 million created in media value across TV, online, print and social media.
$1.8 million spent in local restaurants on food and beverage.

Formula E’s only double champion, Jean-Éric Vergne, won the highly competitive race, watched live in more than 150 countries around the world and attended by a host of dignitaries, Bollywood celebrities and sports stars.

Alberto Longo, Co-Founder & Chief Championship Officer, Formula E:

“The first Formula E race in India delivered thrilling entertainment for attending fans and viewers tuning in around the world while making a hugely positive impact on Hyderabad’s local and regional economy. My team at Formula E is working incredibly hard to secure the necessary commitments that would enable us to return next season and deliver an even bigger event with greater economic impact. I’m hopeful this will happen, and we will race in Hyderabad in early 2024. Stay tuned.”

The 2023 Greenko Hyderabad E-Prix featured 22 world-class drivers from teams including Mahindra Racing, Jaguar TCS Racing, NEOM McLaren Formula E, TAG Heuer Porsche Formula E Team and Maserati MSG Racing who competed in the first motorsports world championship in India for more than 10 years.

Drivers raced in Formula E’s GEN3 car – the fastest, lightest, most powerful and most efficient electric race car ever built – on a unique street circuit around NTR Gardens and along the picturesque heart-shaped Hussain Sagar Lake shores.

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