P1racenews AI automatic summary:
Red Bull Technology Ltd, which oversees Red Bull’s Formula 1 operation, has reported increased turnover and profits over the course
Red Bull Technology is the parent company of Red Bull Racing and has a small employee base of 50 people. They have four related companies, including Red Bull Powertrains, which focuses on power unit development. In terms of financial performance, Red Bull Technology reported a 13% increase in turnover to reach £385.6m, with profits rising from £8.6m to £13.4m. Red Bull Racing specifically experienced a turnover of £278m, a significant jump from the previous year. In 2022, Red Bull Racing won the Constructors’ title, contributing to their financial success and allowing them to secure a deal with title sponsor Oracle worth £74m per year until 2026. The team faced a penalty for breaching the cost cap, resulting in reduced production costs and a decrease in headcount. Red Bull Technology’s power unit division has been split into two groups, one working on Honda power units and another to prepare for Ford’s arrival in 2026. Additionally, Red Bull Advance Technologies Ltd was incorporated as a subsidiary, utilizing F1 technology outside of the sport. Overall, Red Bull has experienced strong financial performance and strategic restructuring to comply with regulations.
Source: Motorsport Week
