Go carts are formula cars?
I like how he pretty much ignored the yellow flags .
Its more a "formula" car then it is a go cart considering seating, and shielding. Part of the problem is what is precieved when you say formula. Most people think Formula One and well this isn't even close. But if you look at FIA regulated feeder series, at the lower levels, they are still called Formula *blank* and not to far off from this in terms of both look and performance.
In fact this cars predecessor appears to have been one of the chassis used for Formula 1000 at some point. But that is mostly BYOC series not managed by the FIA. But a 1 liter engine is hella fast in chasis like this. Much bigger than a "go cart" and still a lot bigger then the one used in European Kart racing.