Swiss watchmaker TAG Heuer has consolidated its position in electric motorsports as the title sponsor of the new Porsche Formula E team.
Under the long-term agreement, TAG Heuer becomes Title and Timing Partner of the Porsche works entry for the 2019-20 Formula E Championship. The team will debut at the Saudi Arabia ePrix in November under the name TAG Heuer Porsche Formula E Team.
TAG Heuer is a Founding Partner of Formula E and extended its Official Timekeeping Partner deal in 2018.
Stéphane Bianchi, chief executive of LVMH Watch making division and chief executive of TAG Heuer, said: “We are truly honoured to begin our partnership with Porsche, a move which further strengthens our presence in Formula E.
“Beyond sharing the same passion for motorsport and having the same challenger spirit, our two brands have the same uncompromising love for quality and technology.”
The upcoming season will see Porsche line up with another major car manufacturer team debutant – Mercedes-Benz – under the Mercedes-Benz EQ Formula E Team moniker.
Both car brands are rolling out a rage of electric cars over the next five years. According to the Financial Times newspaper, Porsche wants 50 per cent of new vehicle sales to be electrified by 2025. Mercedes plans to roll out 10 all-electric models by 2022.
Major manufacturers in Formula E include BMW, Audi, Citroën, DS, Jaguar, Mahindra, Renault/Nissan. The series also features specialist electric vehicle manufacturers Nio and Venturi.
With the addition of races in. London and Seoul, the 2019-20 series will stage 14 races, hosted in 12 cities.