Motor racing-GM says Cadillac F1 project not affected by auto tariff hit
FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook/File Photo
MIAMI (Reuters) -Reduced profit expectations and a potential $5 billion hit from automotive tariffs will not affect Cadillac's Formula One debut next season, General Motors President Mark Reuss said on Saturday.
Cadillac's parent company GM cut its 2025 profit forecast this week in the wake of uncertainty over the wide-reaching tariffs introduced by President Donald Trump.
The Detroit carmaker plans to compete with its own power units from 2029 after using Ferrari engines initially.
Reuss told selected reporters including Reuters at the Miami Grand Prix on Saturday that General Motors remained fully committed to bringing the 11th team to the F1 grid.
"There's about $5 billion of impact for us," said Reuss when asked about the tariffs. "But it's not going to affect this project."
Reuss was tight-lipped on the cost of the F1 project, which has been a long time in the making with Cadillac already building up a 350-strong team to get ready for next season.
It expects that to rise to 1,000 in the future.
There has been much conjecture about the potential driver lineup, with reports earlier this week suggesting Mexico's former Red Bull driver Sergio Perez had already signed.
Team Chief Executive Dan Towriss said no drivers had been signed so far.
"The biggest thing is we're not in a hurry to select a driver," he said. 'There's a lot that goes into selecting your pilot for Formula One. And so we're taking our time.'
Towriss said the team was "committed to having an American driver" but there was no rush for that to be the case in time for 2026.
"It's not a gimmick to just grab somebody and drop them in the seat because it's important to us that they're successful," he said. "We'll find the right way and the right time to bring the right driver into Formula One."
(Reporting by Matthew Majendie; Editing by Ken Ferris)
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