Friday , September 30 2022

CEO E excludes the race in the "tax-aggressive" India Racing News


NEW DELHI: The same tax issues that forced F1 to close India in trade have proved to be a decisive deterrent to the fast-growing E-type, says Alejandro Agag, CEO of the electric car championship, who does not see the race taking place in the country in the foreseeable future.

Agag said he would like to race in a country with more than a billion people, but it is simply not possible under the prevailing circumstances. India, however, has a solid representation on the Formula E network through Mahindra Racing, which is in a series of competitions from the 2014-15 launch season.

"Our main problem for India is a tax, much research has been done in India." We have seen F1 face so many tax issues in India and it is very risky in India because of the tax, "said Agag PTI.

"They (tax authorities) are currently very aggressive, they want to tax everything so you do not know where you stand." I think that's why in Formula 1 continued security in India, and then let's take a look at India. "

Formula E enters its fifth season in December, boasting the presence of car giants such as Audi, Jaguar, Nissan and BMW besides the Mahindra. Before the championship began four years ago, Agag expressed confidence in organizing races in India and even explored potential venues for the street race.

"We were really glad to race in India and we have three options – Bangalore, Delhi and Mumbai, and we've seen areas that will be ideal for a street race." The only thing we need is a guarantee from tax people, "he said.

The series has managed to attract large manufacturers, but the performance of cars has left plenty of demands.

"I think we're still in the early stages of technology development. The Formula E mission is to improve the technology, but you can not go faster with every season.

"Performance compared to conventional cars is not at the same level, but catching up, in five or ten years, performance will be very similar." For street races, I feel that performance is always good, "Agag said.

CEO also said the series is now "cash-positive" and invests money in building a brand.

"It is quite sustainable at the moment, but when we started, it was a challenge, but now I can not see long-term sustainability issues, at least for the championship.

"Teams held cards near their chest. They do not tell me how they do, but I see they're all fully committed to the series."

The championship was also home to many Formula One drivers and Felipe Massa, Pascal Wehrlein and Stoffel Vandoorne are newly added this season.

"These three drivers have been in Formula One recently and their presence just makes our championship stronger," Agag said.

Ask Agag to make a comparison with Formula One, Agag added, "I never say if Formula F will be able to match Formula 1 performance, but the time will come when our championship will be the most important for the automotive industry."

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