Racing Point has announced plans to build a new factory at their existing Silverstone site. The cost of the project is expected to reach £25 million.
After the events of last season which saw Lawerence Stroll came in to provide the financial backing, the Pink Panthers are entering a new era. Team principal Otmar Szafnauer is pleased to be able to announce the plans.
"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," Szafnauer said.
"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."
For the first images of the factory, click here.