The all-electric Formula E series has been granted full world championship status by the FIA following a vote from the governing body's World Motor Sport Council.
The agreement was signed in Paris on Tuesday by FIA president Jean Todt and FE chairman Alejandro Agag.
The 'world championship' label further validates Formula E's prestige among motorsport's International series five years after its launch in Beijing in September 2014.
"It was always our ambition to one day become a FIA world championship," said Agag.
"Everything we have done and delivered to this point has been working towards this particular moment in time.
"Achieving the feat and being granted with FIA world championship status adds more credibility to what is already a fully-fledged formula of racing and a spectacular sporting product.
"This agreement and announcement truly puts Formula E in the top tier of international single-seater racing.
"It has been a tremendous effort from many people involved and none of it would have been possible without the support of FIA President Jean Todt and the federation, as well as the dedication and commitment shown by our teams and partners.
"Now we can say we have done it. But it is only the beginning of a new chapter under the banner of the ABB FIA Formula E World Championship."
The automotive industry's paradigm shift to electric mobility has spurred investment in FE from BMW, Porsche, Mercedes-Benz, Audi, Jaguar, DS Automobiles, NIO and Nissan.
"The creation and development of Formula E have been a great adventure," said president Todt.
"I am proud that today we confirm its FIA world championship status. Since we started this journey, Formula E has undoubtedly gone from strength to strength.
"Within a short timeframe, the series has proven itself relevant for the automotive industry with two more major car manufacturers having joined the series at the start of the current season, bringing their total number to ten.
"The commitment and professionalism of those manufacturers and their respective teams is mirrored in the quality of the driver roster which has improved with every season.
"Since its first race in Beijing in 2014 and with every E-Prix thereafter, Formula E has proven that the concept of cutting-edge electric racing works.
"I wholeheartedly welcome Formula E as the latest FIA world championship."
Formula E's season 6 kicked off in Saudi Arabia last month and will feature 14 rounds, with a season finale taking place in London in July.