The main reason for the decision is “a strategic refocus of resource for electric vehicle development” as the carmaker is moving to full-throttle production of EVs in the coming years.
The decision is linked to the company’s announcement back in July that it will go electric-only by 2030, “where market conditions allow.” It now says the resources that will no longer be used for Formula E would help create the “three electric-only architectures” it plans on fielding by the end of the decade.
During its two-year presence in Formula E, the Mercedes-backed EQ team scored some impressive results, most recently this month, when it managed to get the title of team champion, and its driver Nyck de Vries finished the season on top in the drivers’ standings.
Although Mercedes will pull its factory backing of the EQ team, it will try and help the champions to “continue competing in the series during the Gen 3 era," including through "a potential sale to new owners.”
You can read the statements of all Mercedes executives on this subject in the press release section below.
Mercedes is not the only carmaker to announce it ends factory involvement in Formula E. Not more than a week ago, one of the series’ founding members, Audi, did the same, but it did not even try to justify the decision.