Formula E has now posted a loss in each year of its existence. New figures show the series came as close as it ever has to turning a profit. The series was on relatively solid financial ground before its sixth season was completely disrupted by the covid-19 pandemic earlier this year.

Formula E is backed by a consortium of big investors. It signed a 10-year deal with Saudi Arabia to perform races there.

The formula E series introduced a new car with a battery that lasted the entire length of its 45-minute races. In previous seasons, the battery only lasted about 25 minutes of competitive racing, forcing drivers to pit and swap cars mid-race.

By season 5, formula E had started to feature more manufacturer involvement than any other racing series on the planet. Nissan joined the series, and competed against the likes of Audi, jaguar, and BMW. Hwa racelab entered the series as a precursor to Mercedes-Benz’s involvement in season 6, which is when Porsche also joined.