If the plans succeed, the team will be based in a facility owned by Hendrick Motorsports.
CONCORD, N.C. β The Charlotte area could soon be home to a Formula 1 team, expanding the area’s motorsports presence.
A public hearing will be held on Thursday during Concord’s city council meeting to discuss a proposed grant for Motorsport IP Acquisition Co. to develop a site for its Cadillac F1 vehicles. The shop would be located at 4295 Defender Way in Concord.
NASCAR’s Hendrick Motorsports is also holding a public hearing. The company is proposing a 10-acre, $65 million project at the same Defender Way location adjacent to its existing racing facility. The proposal says it will attract a “premier manufacturing tenant,” likely the Motorsport IP venture.
Hendrick Motorsports is investing $65-70 million in the project. Motorsport IP is investing $75-85 million in the project, according to the city council agenda.
The motions, if approved, would support an 85% tax-based economic industrial grant.Β
GM announced in November that it was planning to launch a Formula 1 team with Cadillac cars.Β
If the plans succeed, this would be the only Formula 1 team primarily located in the United States. The Haas F1 team has a headquarters in Kannapolis, but its cars are built in the United Kingdom. All of the other F1 teams are based in Europe.Β
Meanwhile, nearly every NASCAR team is located in the Charlotte area.Β
Formula 1 has not seen any new entries since 2016. The GM team plans to start racing in 2026.
Construction on the project is expected to begin in the first quarter of 2025. The proposed facility would open in 2027, according to the council agenda. The team will work out of an existing GM facility at 4540 Fortune Way NW until the permanent facility is built.
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