General Motors has set up an engine company to turn its planned Cadillac Formula One entry into a full works team by the end of the decade, the carmaker said on Thursday. The Liberty media-owned sport last November announced an agreement in principle for the team,

Cadillac's prospective Formula 1 team has announced its plan to build its own engines out of an American base by the end of the decade.

The new venture will produce Cadillac’s in-house power unit for F1 beyond its deal with current supplier Ferrari

General Motors announced Thursday morning the creation of a new business: GM Performance Power Units LLC. The new entity is tasked with helping the new Cadillac Formula 1 outfit become a “full works” team by the turn of the decade.