Takeaways
- GM said it had officially registered with Formula 1's governing body as a powertrain manufacturer starting with the 2028 season.
- The automaker said the work of development and testing of F1 powertrains will help it in other areas of its business.
- GM has partnered with Mario Andretti's Andretti Global to create the Cadillac Andretti , and Formula 1 officials approved the racing company's application to participate in the Formula 1 World Championship.
General Motors (GM) said it ;be officially registered with the governing body of Formula One (F1) racing, the FIA, to become an F1 powertrain manufacturer from the 2028 season.
GM explained that its development and testing of technological prototypes is already underway. He added that this work will advance its expertise in areas such as electrification, hybrid technology, sustainable fuels, high-efficiency internal combustion engines, advanced controls and software systems.
The automaker announced earlier this year in January that it was teaming up with racing legend Mario Andretti's Andretti Global to enter a Cadillac car in the FIA Formula One World Championship.
Last month, the FIA has given approval of Andretti's expression of interest request for the Andretti Cadillac to compete in the race. GM President Mark Reuss explained that the Cadillac Andretti will be equipped with a GM powertrain.
GM shares rose nearly 5% on Tuesday, but remained down over the year.
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Source: investopedia.com