Plans for a $150 million investment in a new factory for Cadillac’s Formula 1 project at Concord in North Carolina have been revealed.
An agenda for a meeting of the City Council of Concord that is due to be held on Thursday (February 13) has listed two items up for discussion relating to proposals Cadillac has put forward.
They relate to the construction of a factory complex that it intends to build on land adjacent to the Hendrick Motorsports campus that is between Concord and Charlotte, as well as a secondary investment to then turn it into a hub for its engine project.
This facility will ultimately work in conjunction with the base that Cadillac has set up at Silverstone in the United Kingdom for the design and construction of its F1 car.
The public hearings over the engine factory have been called because both are seeking local government grants – with the recommendation being that they receive the necessary support.
The factory that is planned for 10 acres of land at Defender Way, Concord is set to cost $65-70 million and is aimed at being a state-of-the-art facility.
The local government agenda states: “The building design will be constructed with tilt-up concrete walls, including glass and metal accents.
“The 204,045 square-foot facility features two stories and is completely air-conditioned for precision work. There will be gated access and ample staff and visitor parking leading to the storefront entry, which opens to a class-A office and meeting space inside.
“The production floor is equipped with high illumination levels, pneumatic supply ports, and robust electrical service. Fibre optic will feed the data centre, covered by redundant cooling and power, for a clear path to digitally empowered manufacturing.”
The value of the grant requested is said to be $749,700, with the local government set to collect a revenue of $132,300 subsequently.
Speaking about the investment in getting the engine factory up and running, which is set to cost $75-85 million alongside the $65-70 million building cost (taking the total cost to somewhere in the region of $150 million), the agenda said: “This project aims to design and test a state-of-the-art engine capable of meeting Formula 1’s rigorous performance and efficiency standards.
“With an ambitious timeline, the goal is to have the engine ready for integration into a vehicle by 2028, ensuring Cadillac’s competitive debut in Formula 1.
“It is anticipated that construction would commence in the First Quarter of 2025, with occupancy in the First Quarter of 2027.
“The project would involve significant investment in new manufacturing, R&D and information technology equipment, and the hiring of 300 to 350 highly skilled employees in manufacturing, engineering, and research and development with an average wage of $100,000 to $125,000 per year."
The grant being sought is $743,453 with the City of Concord estimating it will collect a three-year net revenue of $131,198.
With Cadillac needing to push on with its engine plans prior to the new factory being ready, it is currently working on development out of a General Motors facility that is on the land at Hendrick Motorsports.
