The Charlotte region might soon get a second Formula 1 racing team (in addition to the HAAS F1 team).
Concord City Council is currently considering tax incentives for Motorsport IP Acquisition Co. I, which aims to develop an engine factory for its Cadillac F1 vehicle. The proposal includes $744,000 in tax reimbursements over three years, based on investment levels.
Cadillac F1 intends to invest between $75 million and $85 million in the facility, which will provide highly skilled jobs in manufacturing, engineering, and R&D, with annual salaries ranging from $100,000 to $125,000. This is more than double Cabarrus County’s average annual wage of $49,058. Until the new facility at 4295 Defender Way is complete in early 2027, the company will temporarily operate from the General Motors site at 4540 Fortune Way NW.
Hendrick Motorsports is also planning a major expansion near its Concord campus. The City Council is reviewing incentives for HSREI LLC, a Hendrick-affiliated entity proposing a $65 million to $70 million investment for a 204,045-square-foot facility on a 10-acre site at 4295 Defender Way. The two-story building aims to attract a top-tier manufacturing tenant.
