Formula Student challenges the team members to go the extra step in their education by incorporating into it intensive experience in building and manufacturing as well as considering the economic aspects of the automotive industry. Teams take on the assumption that they are a manufacturer developing a prototype to be evaluated for production. The target audience is the non-professional Weekend-Racer, for which the racecar must show very good driving characteristics such as acceleration, braking and handling. It should be offered at a very reasonable cost and be reliable and dependable. Additionally, the car's market value increases through other factors such as aesthetics, comfort and the use of readily available, standard purchase components.

Formula Student Electric is a new competition for 2010, based on the rules for the Formula SAE student competition in the US and the Formula Student competitions in the UK and Germany.

The principle of Formula Student Electric is to allow the development of fully electric vehicles within the Formula Student framework. The competition for Formula Student Electric cars will be the same as Formula Student with some slight modifications due the special needs of fully electric vehicles.