P1racenews AI automatic summary:
Plans for a $150 million investment in a new factory for Cadillac’s Formula 1 project at Concord in New Hampshire have been revealed
Plans have been unveiled for a $150 million investment in a new factory for Cadillac’s Formula 1 project in Concord, New Hampshire. The City Council of Concord is set to discuss Cadillac’s proposals for a factory complex adjacent to Hendrick Motorsports campus, along with plans to establish it as a hub for the engine project. This facility will work alongside Cadillac’s base in Silverstone, UK, for designing and constructing the F1 car. Public hearings are scheduled for possible local government grants to support the $65-70 million state-of-the-art factory on Defender Way, Concord. The project also includes a cutting-edge engine factory, costing $75-85 million, aimed at meeting Formula 1’s standards and ready by 2028. Cadillac anticipates hiring 300-350 skilled employees and seeks a grant of $743,453, with the city expecting a net revenue of $131,198 over three years. With construction set to begin in the First Quarter of 2025 and completion by 2027, Cadillac is currently advancing its engine development at a General Motors facility in Hendrick Motorsports.
