Formula E to Add NYC Race

The Formula E electric race car series will add a race in New York City to its third season lineup, which starts in September, the Financial Times reports.

The deal is expected to be finalized today by city officials and the FIA world governing body for motorsports, according to the newspaper. It says the Manhattan skyline will be visible from the route to provide "compelling images" for television audiences.

Adding an NYC event would help Formula E offset the loss of at least two major venues—London and Moscow—for next season. It also would provide a needed cash infusion to the series, which isn’t expected to break even until at least next year.

The brainchild of Spanish entrepreneur and former race driver Alejandro Agag, Formula E is a showcase and test bed for electric car technology. Races are held on temporary street circuits with a one-day format that is less disruptive than traditional Formula One events that typically include practice and qualifying days.

The current Formula E season ends next weekend with a pair of races in London. Renault is leading the 10-team field heading into the finale. Other competitors include Audi, Mahindra & Mahindra and PSA. Jaguar, in partnership with Williams Advanced Engineering, is set to join the circuit next season, and several other carmakers may be added in coming years, Agag tells FT.