The economic study, conducted by Nielsen Sports Analysis, calculated an $83.7 million boost to the Hyderabad economy as a result of the debut ABB FIA Formula E World Championship race in India on Saturday 11 February.
More than 31,000 people attended or supported the sell-out race event, with the majority (59%) coming from outside Hyderabad, generating significant investment in the local economy. Key highlights of the study include:
- $83.7 million in direct, indirect and induced impacts from spending in the Hyderabad region for the 2023 Greenko Hyderabad E-Prix.
- $4.8 million was raised through events and activations from teams Mahindra Racing and Jaguar TCS Racing, championship sponsors ABB and DHL, local racing partners such as Greenko Group and Jio, and associations with Hyderabad E-Mobility Week organized by the Government of Telangana, generated.
- $4 million was spent on hotels and lodging in the region.
- Created $3.5 million in media value across TV, online, print and social media.
- $1.8 million is spent at local restaurants on food and beverages.
Formula E’s only double winner, Jean-Eric Vergne, won the hard-fought race, which was followed live in more than 150 countries around the world and was attended by numerous dignitaries, Bollywood celebrities and sports stars.
“The inaugural Formula E race in India provided exciting entertainment for the fans and spectators in attendance around the world, while having an extremely positive impact on Hyderabad’s local and regional economy,” said Alberto Longo, co-founder and chief championship officer of the formula E
“My team in Formula E is working incredibly hard to get the necessary commitments that would allow us to come back next season and host an even bigger event with a bigger economic impact. I am confident that this will happen and we will compete in Hyderabad early 2024. Stay tuned.”
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