( CNN ) -- A new global racing series is launching with hopes of rivaling Formula One , but there is one major difference -- the cars will all have electric engines . The Formula E series has been backed by Jean Todt , president of motorsport 's world governing body the Federation Internationale del'Automobile ( FIA ) . The former Ferrari F1 chief has signed an agreement with a group of investors to stage a series of races on city-center tracks . The investors , who already have Rio de Janeiro signed up as a host city , plan to have 10 teams and 20 drivers ready to race in 2014 , following a year of testing . `` This new competition at the heart of major cities is certain to attract a new audience , '' Todt told the FIA website . `` This spectacular series will offer both entertainment and a new opportunity to share the FIA values and objectives of clean energy , mobility and sustainability with a wider and younger audience as well . '' Formula E 's cars will be based around a prototype designed by French company Formulec . The 780 kg vehicles will have a maximum speed of 220 kmh ( 137 mph ) and run on a lithium-iron battery that can provide 25 minutes ' racing . The chairman of the new series will be Alejandro Agag , who already supports teams in the FIA 's GP2 and GP3 series . `` We see this as a great opportunity to create a new and exciting spectacle mixing racing , clean energy and sustainability , looking to the future , '' Agag said . `` We expect this championship to become the framework for research and development around the electric car , a key element for the future of our cities . '' The FIA has been eager to encourage motorsport to lead the motor industry in harnessing the potential of electric engines , with innovations such as the KERS system -- which harnesses braking energy to provide an engine boost every lap -- already being adapted to mass production cars . From 2014 , Formula One pit lanes will have to be electric only .
FIA president Jean Todt signs agreement to launch series in 2014 . Electric car competition will be focused on city-center tracks . Brazil 's Rio de Janeiro is the first host city to sign up . Todt says new series will attract a `` younger audience '' to motorsport .