The SportPesa Racing Point F1 team has announced plans to build a new factory at its existing three-acre site at Silverstone in the UK.
Planning permission for the £25m (US$32.5m) facility is currently being sought and construction is planned to start before the end of this year. The team plans for the new factory to be ready for the 2021 Formula 1 season.
Racing Point team principal Otmar Szafnauer said, “This is a new chapter, the dawn of a new era and there is huge energy from the shareholders to invest and help the team become a regular podium contender in the future.
“The team has never been more stable or in better hands and this project aims to attract and retain the best staff in Formula 1.”
The current factory was built in 1991 and was originally for the Jordan team.