Formula Vee (USA and New Zealand also run formula first class which is the same chassis with later model Beetle part ad the larger 1600 motor other upgrades are disc brakes rack and pinion steering) and Formula 1200 (Canada)) is a popular open wheel, single-seater junior motor racing formula, with relatively low costs in comparison to Formula Ford or Formula BMW.

On the international stage, Niki Lauda, Emerson Fittipaldi and Keke Rosberg, all Formula 1 champions, raced Formula Vees in Europe or America at the beginning of their careers. In Australia, V8 Supercar drivers Larry Perkins, Colin Bond, John Blanchard, John Bowe, Jason Bargwanna and Paul Stokell were also graduates of Formula Vee.

The class is based on a pre-1963 Volkswagen Beetle, utilizing a collection of the stock parts to form a competitive race car around a purpose-built tube frame and racing tires. The VW engine, transmission, front suspension, brakes and wheels are stock or modified stock parts. The chassis is a tube frame design and the body is fiberglass or carbon fiber. The intention of this class is for the average person to build and maintain the car.