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).
Formula One is the highest class of single-seat auto racing that is sanctioned by the Fédération Internationale de l'Automobile (FIA). Formula One cars are the fastest road course racing cars in the world, owing to very high cornering speeds achieved through the generation of large amounts of aerodynamic downforce. Formula One cars race at speeds of up to approximately 380 km/h (240 mph) with engines currently limited in performance to a maximum of 15,000 RPM.
Formula Two The Formula Two regulations were first defined in 1947 as a form of B-class below Formula One. F2 was an open formula that allowed the use of any chassis that met the prescribed regulations; it was well supported during the 1970s, with chassis from Tecno, March Engineering, Toleman, Ralt, Matra and others. The European championship ran continually until the creation of its successor, Formula 3000, in 1985.This series was discontinued after the 2012 season.
Formula Three has a long history, with at least ten active championships around the world. It was created by the FIA in 1950 as the low cost entry point to single-seater formula racing. In 1959, it was replaced by a technically similar formula called Formula Junior, before Formula Three was reintroduced in 1964. Like the other FIA-derived formulae, F3 is an open class that permits a choice of chassis and engines. Notable championships include the FIA European Formula Three Championship, the British Formula Three Championship, and the All-Japan Formula Three Championship.
Formula E is intended to be the highest class of competition for one-make, single-seat, electrically powered racing cars. The series was conceived in 2012, with the inaugural championship to be held in 2014–15. So far, nine cities have confirmed to host an "ePrix": Beijing, Putrajaya, Rio de Janeiro, Punta del Este, Buenos Aires, Miami, Long Beach, Monte Carlo, Berlin and London. In order to manage the costs of operating a Formula E team each constructor will be mandated to make their car available to two other teams for a maximum capped price. This cap is currently set at €350,000.