Hitech Grand Prix, the Silverstone-based race team run by Oliver Oakes, officially entered the FIA to bid for F1 entry. Through its project called Hitech 26, Oakes entered as one of the two teams available for the 2026 F1 slot. According to Business F1, Oakes received heavy backing from a $5,000,000,000 worth of Asian business tycoon Vladimir Kim by selling its 25% share. Using monetary support, Hitech poached 60 leading engineers from Toto Wolff, Lawrence Stroll, and Christian Horner despite having no guarantee of F1 entry.
Oakes, the boss of the Hitech GP, wanted to enter the sport by 2024. But due to restrictions, the FIA asked him to wait for two years and finally join in the 2026 season. Therefore, he was given a soft green light to proceed.
Woww… spending that much without guarantee sounds fishy.. what y’all are hiding?🥸
Credits: BusinessF1 pic.twitter.com/GBQN3DY6oX— FastestDNF (@dnf_fastest) July 31, 2023
Even though FIA and F1 are yet to finalize the entry of new teams in the sport, for Hitech GP, they wanted to stay ahead of their competitors. Despite having no confirmation, they still built their own F1 factory.
Hitech GP is getting ready with engineers for 2026
According to a report published by Business F1, Oakes, the British entrepreneur, has been quietly assembling the technical team for the past two years.
The whispers began to circulate around the paddock in the 2022 Monaco GP, but by then, the new factory at Silverstone was well underway. The engineers Oliver Oakes poached from Mercedes, Red Bull, and Aston Martin had been working on the temporary facility until the opening of the new factory last year.
🚨 | Hitech GP has announced it has made an official application to enter the Formula 1 Championship in 2026.
Hitech has also sold 25% of its group to a Kazakh buisnessman, Vladimir Kim.
According to Forbes, Kim has a net worth of approximately $4.6 billlion.#F1 pic.twitter.com/tcSQE9BO6U
— Fastest Pitstop (@FastestPitStop) June 26, 2023
Admittedly, the team has also been doing crash tests with Mercedes as it works in the Mercedes AMG win tunnel with a model of its own early car to familiarise itself for the 2026 season. It has been exploring the crash test process at Cranfield.
Hitech tied up with Mercedes AMG
The Hitech Grand Prix is also involved in a significant capacity with Mercedes. Reports suggest they will likely tie up with Mercedes AMG High-Performance Powertrains Limited for engine supply. And they are also expected to use the Mercedes AMG gearbox and rear suspension.
In order to fund these massive investments, Oakes sold 25% of Hitech Global Holdings Ltd to Vladimir Kim. Kim is a Korean-born 62-year-old business tycoon based in Kazakhstan and is the wealthiest man in that country.
Interestingly, even after all the advancements made by Hitech GP, the F1 entry confirmation is still missing. No team has received any official confirmation of their entry, and the competition has been increasing for the two spots more than ever.
