Formula One plans to expand into the electric car segment with investment of $420M

On Tuesday, in a statement the Gordon Murray Group which makes supercars said, it plans on investing $420M (300-million-pound) spread over 5 years to expand into the electric car segment; it plans on developing electric SUVs and delivery vehicles for carmakers as it shifts towards an all-electric supercar by 2030.

“Electric is what we’ve been missing and that’s where the future is,” said Gordon Murray, Formula One’s founder and chairman.

In 2022, the company plans on producing its first supercar, the T50, which will be equipped with a powerful V12 engine. It plans on producing at least 100 of them next year, with each selling for around 2.4 million pounds.

Currently they are already sold out.

The company will launch one more fossil-fuel supercar after the T50, followed by a hybrid model around 2026 and then a fully-electric supercar in 2029 or 2030.

One of the challenge for premium carmakers including Lotus and McLaren, some of which have part-ownership by China’s Geely, is the weight of the batteries; this makes it hard to develop sports cars or supercars that perform like their fossil-fuel equivalents.

Describing the supercar as a “brand building” product at the upper end of his business Murray said “at the customer-facing end we’ll focus on lightweighting and electric cars”.

The company sees itself as a carmaker as well as an auto supplier. It has been working on designs for a lightweight SUV and a delivery van, which it aims to sell to traditional manufacturers or startups.

In the next two and a half years the carmaker will develop a small test fleet of these vehicles to international standards.

“We’re hoping to pick up a customer or two along the way,” said Murray. “And it doesn’t have to be a carmaker, it can be a post office, or a company like Amazon.”

($1 = 0.7147 pounds)

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