The management of Formula 1 and General Motors have officially agreed on the American automaker's participation in the championship. GM will join Formula 1 as the 11th team. This is stated in the official press release.
The new team will compete under the Cadillac brand. At the first stages, GM plans to buy engines for its cars. The automaker does not say from whom, but it is likely to be Ferrari. Later, GM promises to launch its own powerplant.
By the way, according to a statement by Formula 1, General Motors' desire to become a full-service team was part of the decision to participate in the competition.
“With Formula 1’s continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," said Greg Maffei, CEO and President of Liberty Media.