Formula E, the all-electric single seater series, saw its revenues rise in 2018, but so did its losses, according to its latest financial accounts.
The London-based series has yet to turn a profit in its five-year history, with the latest filings showing a £22.6 million pre-tax loss for 2018.
That brings its total losses since its first race in 2014 to £142.2m, however things are looking up for the series as revenue's accelerated to a record £114.5m – an increase of £33.5m compared to 2017 – thanks to the addition of a new race in Saudi Arabia and ABB title sponsorship.
The rise was counteracted by a rise in costs to £38.4m though as the series added new staff and spent millions on the development of its new Gen2 car, which made its debut last year as part of the 2018-19 season five.
78 per cent of the series income came from licensing fees and hosting contracts from various cities worldwide including Paris, Rome, Monaco and New York and next year the series will add London to that list following the conclusion of a deal to race at London's Docklands and ExCel centre.
The series attracted a total of 476,000 spectators in 2018, which is more than double the 220,000 from 2017.
Interest continues to grow with new sponsors and teams joining the series, including Porsche and Mercedes which will make their debut later this year as part of season six.
However the series remains reliant on external investment from its shareholders, which include Swiss bank Julius Baer, China's New-Wave and Liberty Global, which holds a 23.9 per cent stake and is owned by billionaire John C Malone, who also controls Liberty Media which controls Formula E's biggest rival, Formula 1.
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