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Statement by the Formel D management regarding the COVID-19 pandemic

For several weeks now, the coronavirus pandemic has dominated the daily lives of most people around the world. In terms of health and economic impact, this epidemic has already reached a level that seemed unimaginable just a short time ago.

The automotive industry is one of the many sectors that have been severely affected by it. Of course, Formel D is feeling the pain too. Due to the temporary closure of almost all automotive plants in Europe and the USA, we are unable to continue our business as usual in many projects on our customers’ premises.

We are very proud of how consistently the measures are being implemented by our employees and we are impressed with their enormous commitment even in this difficult time.

And yet we are far from being inactive: By setting up an internal coronavirus task force early on, we implemented numerous measures even before the massive spread of the virus in Europe and North America in order to establish the best possible way to protect our employees as well as customers and partners from infection. This included strict hygiene regulations and close internal communication as well as the option for employees to work from home if their particular job allowed it. We are very proud of how consistently the measures are being implemented by our employees and we are impressed with their enormous commitment even in this difficult time.

Luckily, many of our production-independent projects in product development and aftersales are not, or only marginally, affected by the crisis, for example, vehicle testing or projects involving a high level of digitalization. In addition, Formel D has numerous subsidiaries of its own apart from the customer locations where our employees can continue to implement projects. Of course, they are always in strict compliance with statutory requirements and hygiene guidelines. Another positive aspect is that China, one of our core markets, is well on the way to return to normal operations.

We keep driving.

This reinforces our conviction that the economic impact of the coronavirus can also soon be contained in other regions of the world. Until then, we will continue to abide by the phrases “ Keep the Distance ” and “We keep going” – or, in our case, “We keep driving” – because idleness is a foreign word for us, even during the coronavirus crisis.

Consequently, we are also preparing for relaunch in regions that are currently severely affected and in projects that are directly dependent on production. We are prepared to resume work at short notice, even at our customers’ sites, without disregarding the stricter hygiene and protective measures that will certainly remain in force for some time to come. This includes workplace design and equipment as well as the personal protective equipment of our employees. Among other things, we have decided to convert our in-house sewing facility, which normally produces interior camouflage material. Until further notice, it will now produce nose and mouth masks for internal company needs. As you can see, we are fully prepared.

Of course, we will continue to be there for you via our usual communication channels. We look forward to implementing numerous projects together with you in the future.

All the best and stay healthy!

Your Formel D Management

Dr. Jürgen Laakmann (CEO) and Gian Mario Deligios (CFO)

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