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New F1 race team hopes to build manufacturing facility near Charlotte Motor Speedway in Concord

Summary by CBS 17
CONCORD, N.C. (QUEEN CITY NEWS) — Concord could become a big driver in the Formula 1 racing world. A new F1 racing team, owned by General Motors, is hoping to build an engine manufacturing facility near the Charlotte Motor Speedway. F1 Cadillac race cars could soon be built in Concord. “It’s really exciting that Formula One’s coming to Concord because they can go anywhere in America, they can go anywhere in the world,” said John Dodson, Vice Pre…

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CBS 17CBS 17

New F1 race team hopes to build manufacturing facility near Charlotte Motor Speedway in Concord

CONCORD, N.C. (QUEEN CITY NEWS) — Concord could become a big driver in the Formula 1 racing world. A new F1 racing team, owned by General Motors, is hoping to build an engine manufacturing facility near the Charlotte Motor Speedway. F1 Cadillac race cars could soon be built in Concord. “It’s really exciting that Formula One’s coming to Concord because they can go anywhere in America, they can go anywhere in the world,” said John Dodson, Vice Pre…

·Raleigh, United States
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Charlotte StoriesCharlotte Stories

Formula 1 Team Considering Moving To Charlotte and Building $85 Million Facility

The Charlotte region might soon get a second Formula 1 racing team (in addition to the HAAS F1 team). Concord City Council is currently considering tax incentives for Motorsport IP Acquisition Co. I, which aims to develop an engine factory for its Cadillac F1 vehicle. The proposal includes $744,000 in tax reimbursements over three years, based on investment levels. Cadillac F1 intends to invest between $75 million and $85 million in the facility…

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Charlotte Stories broke the news in on Thursday, February 13, 2025.
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