<P> Formula racing is any of several forms of open - wheeled single - seater motorsport . The origin of the term lies in the nomenclature that was adopted by the FIA for all of its post-World War II single - seater regulations, or formulae . The best known of these formulae are Formula One, Two, Three and Four . Common usage of "formula racing" encompasses other single - seater series, including the GP2 Series, which replaced Formula 3000 (which had itself been the effective replacement for Formula Two). </P> <P> Categories such as Formula Three and FIA Formula 2 Championship are described as feeder formulae, which refers to their position below Formula One on the career ladder of single - seater motor racing . There are two primary forms of racing formula: the open formula that allows a choice of chassis or engines and the control or "spec" formula that relies on a single supplier for chassis and engines . Formula Three is an example of an open formula, while Formula BMW is a control formula . There are also some exceptions on these two forms like Formula Ford where there is an open chassis formula but a restricted single brand engine formula . </P> <P> In the process of reviving Grand Prix racing after the end of World War II, the Fédération Internationale de l'Automobile's Commission Sportive Internationale was responsible for defining the standardised regulations of Formula One (F1) in 1946 . The first race to be run to the early Formula One regulations was a non-championship Grand Prix in Turin in September 1946 . The first officially recognised Formula One season was held in 1947 and the World Championship for Drivers was inaugurated in 1950 . This was the first example of formula racing . </P> <P> Formula E is the highest class of competition for single - seat, electrically powered racing cars, which held its inaugural season in 2014--15 . Conceived in 2012, the championship was intended by the FIA to serve as an R&D platform for the electric vehicle and promote interest in EVs and sustainability . The series races predominately on temporary circuits in cities such as New York, Hong Kong, Zürich, Berlin, Rome, and Paris in events known as "ePrix". In order to cap costs but maintain technological development, the series uses a spec chassis and battery that must be used by all entrants, with competing teams permitted to design and build their own motors, inverter and rear suspension . The series has gained significant traction in recent years . </P>

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