Car manufacturer worth $43 billion rumored to join F1 amid Andretti-Cadillac rivalry

Tran Hanh
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June 07, 2024

Despite the rejection of the Andretti-Cadillac proposal, it seems that other car manufacturers are still interested in entering the world of Formula 1. The Andretti-Cadillac team has not given up on their dream and has been working diligently to persuade the sport to reconsider its decision. However, it is unlikely that Formula 1 will change its position, especially considering that even the President of the FIA has recommended acquiring another team. In the midst of all this, the Korean automaker Hyundai is contemplating entering the Formula 1 grid in the near future.

Despite the rejection by Andretti-Cadillac, Hyundai, a company valued at 43 billion dollars, is eager to be part of the Formula 1 grid. Rumors say that the South Korean company is considering entering Formula 1 by buying an existing team on the grid. It is worth noting that Hyundai’s aspirations are aligned with the desire of Formula One Management to increase Asian involvement in the sport.

Formula 1 and the FIA are known to strongly oppose the addition of an 11th team to the grid. Several people have advised Andretti-Cadillac to acquire an existing team, similar to Audi’s partnership with Sauber. Therefore, the only viable way to introduce another entity into the sport may be through the acquisition of an existing team on the grid. However, it is highly unlikely that any of the current teams are for sale.

The Hyundai case seems to be stronger than the Andretti-Cadillac’s in recent times. The South Korean company hired a former Renault director in January 2023 and attracted approximately 25 sponsors to support the team. These factors, combined with the untapped potential of the Asian market in Formula 1, make Hyundai’s case even more convincing.

In addition to Hyundai’s interest, the city of Incheon, South Korea, is also eager to expand its involvement in top-tier motorsport. Incheon, the hometown of Hyundai, could potentially host a Grand Prix as early as the 2026 season. However, with the current season already filled with 24 races, the addition of another race would need to bring significant benefits.

Only time will reveal the outcome of Hyundai’s proposal in the world of motorsport. The team has a strong base in Asia and access to valuable resources. If they decide to acquire a team and enter the Formula 1 grid, it is unlikely that they will encounter significant obstacles. However, it remains to be seen whether these rumors will materialize in the coming weeks.

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