Sergio Perez has signed a multi-year contract extension with the Cadillac Formula 1 Team, committing him to the American outfit until at least the end of the 2029 season. The agreement was announced on October 28, 2026, prior to his home Grand Prix in Mexico City. Reports indicate the deal is valued at over $100 million across three years, including performance-based bonuses.
Perez, who joined Cadillac for their debut in the 2026 Formula 1 season after a year on the sidelines in 2025, has stated this will be his final contract in the sport. He cited age and the demands on his family life as factors in his decision, alongside the extensive commitment required for the Cadillac project.
The Cadillac Formula 1 Team, backed by General Motors and TWG Motorsports, made its grid debut in 2026 as the 11th entrant. The team currently utilises Ferrari power units, with General Motors slated to introduce its own power unit in 2029.
Cadillac has experienced a challenging inaugural season, remaining the only team on the grid yet to score championship points. Perez currently sits 23rd in the 2026 Drivers’ Championship, with his best race finish being 14th at the Barcelona, British, and Azerbaijan Grands Prix. A post-race time penalty in Monaco denied the team its first potential points.
Perez expressed satisfaction with his role in developing the team from its inception. He highlighted the opportunity to influence the team’s organisation beyond driving, a significant aspect of his commitment to the long-term project.
The status of the second Cadillac seat for 2027 remains under review. Valtteri Bottas, Perez’s current teammate, signed a multi-year deal through 2027. However, Cadillac has not yet confirmed whether they will exercise an option to retain him for the upcoming season.
Bottas endured a heavy crash at Turn 1 during the Mexico City Grand Prix on November 1, 2026, marking his eighth retirement of the season. He has urged the team to address ongoing reliability concerns. Cadillac CEO Dan Towriss indicated on November 4, 2026, that Bottas could still retain his seat, praising his performance under pressure.
Colton Herta, a Cadillac test driver, is a primary candidate for the second seat. He currently requires one additional Super License point to qualify for Formula 1. Herta completed an FP1 session in Mexico City on October 30, 2026, but an anomaly in IndyCar standings meant he remained one point short of the 40 required.
Cadillac will provide Herta with another opportunity to secure the necessary point during the upcoming Brazilian Grand Prix weekend, scheduled for November 6-8, 2026. He is set to drive Perez’s car in the first free practice session at Interlagos, needing to complete at least 100 kilometres to earn the final point.
Other drivers linked to the second Cadillac seat include Frederik Vesti, Liam Lawson, and Yuki Tsunoda. Esteban Ocon is also rumoured to be in contention.
Off-track, reports have surfaced regarding a potential sale of the Cadillac F1 team. Mark Walter’s TWG group is reportedly exploring a sale of its stake, with valuations reaching approximately $3 billion. TWG Motorsports CEO Dan Towriss previously denied such rumours in August 2026.
