Fascinating post by James Allen which gives more details on how the Formula E series (debuting in 2014) will address the issue of range for the all EV racing series.
The proposed solution for the limited range the batteries will offer is to have multiple cars per driver, per race. Each race lasts for 1 hour. The first car is used for 20 minutes, a second car is then used for the next 20 minutes, before returning to the first car (where the batteries have been recharged) for the final 20 minutes. The hope that 10 additional minutes are added per year to the range of the vehicles.
Formula 1 is the pinnacle of Motorsport. From this racing series, hundreds of (small and large) innovations have been added to road cars, as the teams fight for a competitive advantage and therefore innovate like crazy. Hopefully the Formula E series can do the same thing for Electric Vehicles and battery technology.