First Formula E race had positive impact on Hyderabad’s economy

The economic study conducted by Nielsen Sports Analysis calculated an USD 83.7 million uplift to Hyderabad’s economy as a result of the race in February.

Jean-Eric Vergne with the Hyderabad E-Prix winning trophy, during the award ceremony after the Greenko Hyderabad E-prix in Hyderabad. | Photo Credit: PTI

Formula E’s first-ever race in India, the 2023 Greenko Hyderabad E-Prix, hosted in collaboration with the Telangana government, delivered an economic impact of nearly USD 84 million, according to a report.

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

More than 31,000 people attended or supported the race event, with the majority (59 per cent) coming from outside of Hyderabad and generating significant inward investment into the local economy, a press release said.

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.

#FormulaE - @JeanEricVergne holds his nerves in Hyderabad with defensive demonstration for @ds_penske_fe 🇮🇳

Read more: https://t.co/y9m7Q5vXsI@GreenkoIndia#HyderabadEPrix@FIAFormulaEpic.twitter.com/0H7EaJhOCV

— FIA (@fia) February 11, 2023

“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,” said Alberto Longo, Co-Founder & Chief Championship Officer, Formula E.

“My team at Formula E is working incredibly hard to secure the commitments necessary 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.”

- With inputs from PTI