Fashion brand and long-time F1 sponsor Hugo Boss is leaving the category.
The German newsmagazine Focus reports that the German company, having sponsored McLaren and most recently Mercedes for decades, is switching instead to Formula E.
"Of course F1 is the pinnacle of racing," said new CEO Mark Langer, "but Formula E is innovative and sustainable.
"Racing in the big cities appeals to a younger audience and opens up new possibilities."
Langer denied that leaving F1 is simply a cost-cutting decision.
"After many years in formula one - actually since Jochen Mass in the 70s - we’ve been wondering what’s the next thing? What’s next for us?" he admitted.