05:13 AM EDT, 05/06/2025 (MT Newswires) -- (Updates with General Motors' ( GM ) comment in the fourth paragraph.)

General Motors' ( GM ) Cadillac is on track to debut in Formula One next season despite the parent company cutting its 2025 profit forecast and facing a potential $5 billion impact from new automotive tariffs, Reuters reported Saturday, citing General Motors ( GM ) President Mark Reuss.

Reuss told reporters at the Miami Grand Prix that the company's plans to bring the 11th team to the F1 grid are on track, while he did not disclose the project's cost.

Cadillac has already assembled a 350-person team to prepare for next season, with plans to grow to 1,000 as preparations continue, Reuters said. Cadillac will initially use Ferrari (RACE) engines and transition to GM power units from 2029, according to the report.

General Motors ( GM ) confirmed the debut to MT Newswires in an email, noting that its "engineers are essential in developing the vehicle Cadillac will race in 2026".

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)