Formula E, officially the ABB FIA Formula E World Championship, is a single-seater motorsport championship that uses only electric cars. The series is promoted and owned by Formula E Holdings. In 2011 it was conceived in Paris by Jean Todt at the FIA, and the inaugural championship commenced in Beijing in September 2014. It is sanctioned by the FIA. Alejandro Agag is the founder and current chairman of Formula E Holdings.