ZURICH (Reuters) - Swiss private bank Julius Baer said on Friday it will invest a single-digit million euro sum to be the exclusive global sponsor for the world’s first all-electric car racing series.
Formula E is being angled towards a younger audience than Formula One, has women racers and will race in city centres, over shorter distances and with very different cars when the first ‘e-Prix’ race is held on Saturday in Beijing.
“The bank will leverage the sponsorship for high-class client events and a wide range of marketing activities,” Zurich-based Julius Baer said in a statement.
Swiss banks frequently sponsor major cultural or sporting events, using them as a platform to entertain clients and promote their brand.
UBS, Switzerland’s largest bank, has been a Formula One sponsor since 2010.
The Formula E series hopes to break even in year one, with some big corporate partners already on board and a range of broadcasters that includes Sky Germany and ITV in Britain.
Maximum speeds will be about 225kph (140mph), compared to the 340kph likely to be reached by Formula One cars at Monza this weekend, and drivers must switch cars at the sole mandatory pitstop because of the limitations of battery technology.
Julius Baer’s logo will adorn Formula E cars and the race track as part of the sponsorship deal.
Reporting by Katharina Bart; Editing by Stephen Coates