F1 team plans $85M manufacturing facility in Concord in the heart of NASCAR country
EDITOR’S NOTE: This story was updated Feb. 13, 2025, following the city council’s grant incentive decisions.
A Formula 1 racing team wants to expand its operations to the center of NASCAR country in Concord, spend up to $85 million and create up to 350 jobs. Not to be outdone, a NASCAR team also is plotting an expansion for a new manufacturing building in a project costing up to $70 million.
Concord City Council on Thursday night unanimously approved a combined nearly $1.5 million in tax reimbursements for both projects.
“This a major investment in Concord,” Councilman JC McKenzie said. “I couldn’t be happier to vote on both of these.”
Council gave its nod to nearly $744,000 in tax incentives over three years for limited-liability company Motorsport IP Acquisition Co. I, which plans to develop an engine factory for its Cadillac F1 vehicle. The tax reimbursements will depend on the company’s actual investment, according to the council’s agenda.
Cadillac F1 plans to invest between $75 million to $85 million in its new facility, according to the city document. The “highly skilled” jobs in manufacturing, engineering, and research and development will have an average annual pay of $100,000 to $125,000. The average annual pay in Cabarrus County is less than half of that sum at $49,058.
The company will temporarily operate from the General Motors facility at 4540 Fortune Way NW, until Motorsport’s facility is completed at 4295 Defender Way. Construction would begin this spring and finish in early 2027.
The site is less than 2 miles away from the NASCAR track at Charlotte Motor Speedway. Concord and Cabarrus County also are home to a number of NASCAR teams and racing-related groups.
In November, Formula 1 announced it had reached an agreement with General Motors to support bringing GM/Cadillac as the 11th team to Formula 1 in 2026.
Last month, GM and TWG Motorsports announced the creation of GM Performance Power Units LLC, a new company building Formula 1 vehicles and power units. GM said it plans to open a dedicated facility for Performance Power Units LLC near its Charlotte Technical Center in Concord in 2026.
GM officials could not immediately be reached for comment Tuesday.
Hendrick Motorsports’ affiliate plans
Hendrick Motorsports also received the council’s approval for $749,700 in tax incentives over three years.
HSREI, which is affiliated with the Hendrick organizations, wants to build a 204,000-square-foot, two-story manufacturing building at the Advanced Manufacturing Center on 10 acres adjacent to the Hendrick Motorsports campus near the speedway.
Hendrick would invest $65 million to $70 million “to attract a premier manufacturing tenant,” Concord’s city council agenda states.
The facility would be equipped with “high illumination levels, pneumatic supply ports, and robust electrical service,” city documents state. Fiber optics would feed a data center digital manufacturing.
Hendrick Motorsports declined to comment.
This story was originally published February 12, 2025 at 5:35 AM with the headline "F1 team plans $85M manufacturing facility in Concord in the heart of NASCAR country."