We reported earlier this week that Williams was dipping its toe into the lukewarm waters of Formula E. It’s a nice move and they join McLaren and Renault in their efforts to support the series. They will be providing batteries and hybrid power technology to the Spark chassis specification and that makes sense as the company has done a terrific job of developing their flywheel system. That may not be the system deployed in the Formula E series but the brains behind Audi’s Le Mans hybrid shove can’t hurt the ingenuity scale for and all-electric series.
The technology was being developed for theJaguar C-X75 supercar but that endeavor was mothballed due to recent market economics. It now seems that the investment and extended resources used in the development of that car may not be a hit to Jaguar’s balance sheet only. According to Christian Sylt, the impact will be felt by Williams as well:
“In the year-ending December 2012 Williams’ revenue accelerated 22 per cent to £127 million but a report by Switzerland’s Bank am Bellevue predicts that it will dip to £102.2 million in 2013 due to the supercar costs.”
Apparently Williams will be paid £10 million for their efforts in the formula E series and that leaves the group still searching for another £10 million to offset the impact of a stillborn car. That’s tough hit to take on the chin as Williams gain most of their revenue through their participation in Formula One and I will be interested to see how Claire Williams deals with the financial impact ont eh group as well as turn the current Williams F1 team around.
It’s a tough time to be Williams but there is little secret that money is ruling the sharp end of the grid in F1 and if Williams continue to take £20 million hits, their F1 team may never find the magic bullet to get back to the front.