Cadillac F1 Team to Create 350 Jobs with $85M Concord Project, Plans 2025 Factory Launch
In an exciting development, Motorsport IP Acquisition Co. I LLC is building an $85 million Formula 1 facility in Concord, North Carolina. The project will create 350 skilled jobs, with salaries reaching up to $125,000 per year.
Located on 10 acres at 4295 Defender Way next to Hendrick Motorsports, the project includes a $70 million main building. With equipment and infrastructure costs included, the total investment will reach $150 million.
Cadillac’s new Formula 1 racing team will be based out of Silverstone, England, but General Motors is building the new technical shop will be in Concord.
Employees will make between $100,000 and $125,000 annually – well above the local average of $49,058. This modern facility plans to build F1 engines that meet 2028 requirements.
Building starts in early 2025. The facility, expected to open in 2027, will feature cutting-edge technology. Key features include pneumatic ports and a fiber-connected data center.
This project comes after F1 picked the American car maker as its 11th team starting 2026. Until the new facility opens, operations will continue at GM’s existing Concord site.
City leaders will consider tax incentives worth $744,000 over three years at their February 13 meeting. The final incentive amount will depend on actual investment totals.
The facility represents another success for high-tech manufacturing in the area. GM Defense recently opened its 275,000-square-foot operation nearby, working with Hendrick Motorsports Technical Solutions.
Once completed, the building will include modern offices, advanced lighting, and backup power systems. Teams will work temporarily at 4540 Fortune Way NW while construction is underway.
