Fashion brand and long-time Formula 1 sponsor Hugo Boss is leaving the category.
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 1 - actually since Jochen Mass in the '70s - we've been wondering what's the next thing? What's next for us?" he admitted.
The 2017 world championship continues tomorrow with the Brazilian Grand Prix.
