Cadillac will add value as 11th F1 team, says McLaren's Brown
LONDON - Cadillac's arrival in Formula One next year as an 11th team will bring added financial value with new partners and more fan engagement rather than diluting resources, according to McLaren's American chief executive Zak Brown.
The General Motors-backed team have taken staff already from rival outfits, their European headquarters at Silverstone being close to other factories, and are also competing for sponsorship.
Brown, whose team are dominating this year's championship after winning the 2024 constructors' title, saw no reason to fear a dilution of resources, however.
"I think on employees they are definitely going to take a lot more than they give, which is fine," he said at last weekend's Hungarian Grand Prix. "My general view is if someone wants to go work for a rival team then shame on me.
"For sponsors, I think they'll bring more new to the table than take."
Brown expected Cadillac also to bring more competition eventually, although they faced a tough challenge as newcomers, and more fans to a series that now has three U.S. rounds and a growing audience in America.
"Will we get a better U.S. TV deal, more American presence? I think their sponsors and Cadillac will spend money in the sport, the teams get a percentage of that so I see them as a value add to the sport," he added.
Top stories
Swipe. Select. Stay informed.
Singapore 'She had a whole life ahead of her': Boyfriend mourns Yishun fatal crash victim
Singapore Doctor hounded ex-girlfriend, threatened to share her intimate photos, abducted her off street
Singapore Beauty industry consumers hit by 464% rise in prepayment losses in first half of 2025
Business Singapore retail sales up by 2.3%, driven by sales of motor vehicles
Singapore Over 5,900 vape products found in car at Woodlands Checkpoint
Singapore Locally developed VR tool can detect pre-dementia with almost 90% accuracy
Singapore 13 taken to hospital after accident involving SBS buses, car in Tampines
Sport Singapore National Olympic Council launches book series honouring local athletes
"I'm not worried about maybe some of the short term-ness of they are going to take an employee here or there or poach a sponsor here or there. I think the contribution will be bigger than that."
Cadillac secured approval of their bid in March, after a 764-day entry process and initial opposition from Formula One and the other 10 teams wary of a potential reduction in the share of revenues.
The team are also backed by TWG Global, whose CEO Mark Walter has an estimated net worth of $12.5 billion, according to the Bloomberg Billionaires Index.
The first new team since U.S.-owned Haas debuted in 2016 said in July they were already two thirds of the way towards a targeted headcount of 600 by next season and no longer even the smallest outfit. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Saudis raise crude prices to Asia after Opec+ adds barrels
[SINGAPORE] Saudi Arabia raised crude prices for a second consecutive month, signalling confidence in demand for its barrels as Organization of the Petroleum Exporting Countries and its allies (Opec+) continues to ramp up supply. State producer Saudi Aramco will raise the premium for Arab Light crude to Asia by US$1 a barrel for shipments in September, to US$3.20 a barrel, according to a price list seen by Bloomberg, the highest since April. The company was expected to increase the price of the grade by 90 US cents a barrel, according to a survey of refiners and traders. The world's biggest exporter has been leading the Opec+ in raising output as they seek bigger market share. So far, burgeoning demand for transport fuels has bolstered refining margins and helped the market to absorb the added barrels. Aramco chief executive officer Amin Nasser said this week that he's bullish that it will continue. 'The strength in oil market fundamentals is supporting demand for our crude and products,' Nasser told reporters on an earnings call. 'We expect the second half to be more than two million barrels per day higher than the first half.' In contrast to the hikes to Asian buyers, the kingdom cut prices for its European customers by the most in a year. All values to Europe were cut by US$1.30. Prices for shipments to the US nudged slightly higher. Many analysts and traders expect that the bulk of added output from Opec+, which is set to come this month and next, could weigh on prices later this year. Wall Street firms such as JPMorgan Chase and Goldman Sachs anticipate that prices will sink towards US$60 a barrel in the fourth quarter. On Sunday, Opec+, which includes partners such as Russia, agreed to raise production by 547,000 barrels a day in September. The planned increase, following a similar-sized boost for August, came as traders are waiting to see how US President Donald Trump's threats to punish Russia over the war in Ukraine could affect the market. Brent crude has held near US$70 a barrel lately as traders balance the Opec+ output hikes against the prospect of potential US measures against Russian oil sales. BLOOMBERG
CNA
an hour ago
- CNA
General Motors, Hyundai to develop five vehicles amid rising competition
General Motors and Hyundai Motor on Wednesday outlined plans to develop five vehicles as they seek to lower costs amid growing competition from nimble Chinese rivals. Four of the vehicles — a compact SUV/car/ pickup, and a mid-size pickup — are targeted at Central and South American markets and will support both internal combustion and hybrid powertrains. At full production scale, the companies expect to roll out at least 800,000 vehicles annually. The partnership will help GM compete against rising Chinese players in the Latin American market, where the Detroit automaker has had a strong presence for decades. The two global automakers will also co-develop an electric commercial van for the North American market. Reuters in March reported that the two companies were nearing a deal to share two commercial electric vans. Global automakers face stiff competition from Chinese EV makers and a trade war impacting imports of crucial parts, including rare earth materials, which has pushed production costs higher. This is the first major partnership for vehicle development for Hyundai Motor. The deal would give GM access to hybrid technology it lacks, while enabling Hyundai to enter into new segments such as vans in North America and mid-sized pickups, Kim Sung-rae, an analyst at Hanwha Investment & Securities, said. The two companies did not say where the models will be produced. Hyundai, which has a factory in Alabama, said it will expand the production capacity of its new factory in Georgia. The company also has a factory in Brazil. GM's budding partnership with Hyundai follows an unwinding of several projects the Detroit automaker had pursued with Honda over the past decade. Notably, GM and Honda in 2023 scrapped a $5 billion plan to jointly develop affordable electric vehicles. Chinese automakers have released several high-tech, low-cost models, putting pressure on legacy automakers such as GM to slash expenses and streamline manufacturing processes. To compete with these rivals, many automakers have explored partnerships as a way to share development costs, especially for battery-powered models. Cutting costs is even more pressing as tariffs have added billions of dollars in expenses for automakers around the globe. The Hyundai-GM announcement comes after the United States and South Korea last week reached a trade agreement to charge a 15 per cent tariff on imports from South Korea, including autos. This is among several deals between a South Korean company and a U.S. firm announced in recent weeks, following Samsung Electronics' chip deal with Tesla and Apple, and LG Energy Solution's battery deal with Tesla.
Straits Times
an hour ago
- Straits Times
Trump says he could impose more tariffs on China, similar to India duties, over Russian oil
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump on Aug 6 said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India. WASHINGTON - US President Donald Trump on Aug 6 said he could announce further tariffs on China similar to the 25 per cent duties announced earlier on India over its purchases of Russian oil, depending on what happens. 'Could happen,' Mr Trump told reporters, after saying he expected to announce more secondary sanctions aimed at pressuring Russia to end its war in Ukraine. He gave no further details. 'It may happen ... I can't tell you yet,' Mr Trump said. 'We did it with India. We're doing it probably with a couple of others. One of them could be China.' Mr Trump on Aug 6 imposed an additional 25 per cent tariff on Indian goods, on top of a 25 per cent tariff announced previously, citing its continued purchases of Russian oil. The White House order did not mention China, which is another big purchaser of Russian oil. Last week, US Treasury Secretary Scott Bessent warned China that it could also face new tariffs if it continued buying Russian oil. REUTERS
