Hitech Reveals F1 Entry Plan with Major New Investment

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Hitech, a team currently participating in F2, F3 and F4 races and based in Silverstone, revealed on Monday that a 25 percent stake of its parent company, Hitech Global Holdings Limited, was purchased by Kazakh businessman Vladimir Kim.

Kim, whose primary interests include the mining, banking, and aviation industries, owns Kazakhmys and KAZ Minerals Group. These businesses specialise in copper ore extraction and processing, making them one of the world’s top ten copper producers.

Kim has a history of supporting Kazakh athletes, including boxing champions Gennadiy Golovkin and Serik Sapiyev, and highly-ranked tennis players. However, the partnership with Hitech marks his debut investment in global motor racing.

Kim expressed his excitement about the partnership, stating, “F1 Flow has been a long-term personal interest of mine. I am thrilled to partner with an organisation that has a proven track record in various categories and harbours ambitious future plans.”

“Although we’ve been involved in sports for a while, this is our first global investment in motorsport. Its dynamism, growing visibility, business-to-business marketing opportunities, and expanding fan base align well with my personal and commercial aspirations,” he added.

Hitech CEO Oliver Oakes welcomed the new investor, saying, “I am thrilled to welcome Vladimir Kim to the Hitech group. During our discussions, we discovered numerous natural synergies. I am confident that his support will be instrumental as we strive to build on Hitech’s success and fulfil its wider objectives in the upcoming years.”

The investment news coincides with Hitech’s aspirations of joining the F1 grid. It recently confirmed it had submitted an application for a slot from 2026.

In a press release detailing the new investment, Hitech expressed that its F1 goal was a “step that would complete its single-seater ladder, showcasing that Hitech possesses the right personnel, experience, and resources to compete with the world’s best teams.”

The FIA is currently assessing bids from several parties interested in joining the grid. Apart from Hitech, other groups that have confirmed their applications include Andretti, which has entered into a partnership with Cadillac, and former BAR boss Craig Pollock, who has announced ‘Formula Equal’, a team with a staff gender balance of 50:50.

Frequently Asked Questions (FAQs) about Hitech F1 Bid

Who is the new investor in Hitech Global Holdings Limited?

The new investor in Hitech Global Holdings Limited is Kazakh businessman Vladimir Kim who has bought a 25 percent stake in the company.

What sectors does Vladimir Kim primarily invest in?

Vladimir Kim primarily invests in the mining, banking, and aviation sectors, with significant involvement in copper ore extraction and processing.

Has Vladimir Kim previously sponsored any sports or athletes?

Yes, Vladimir Kim has previously sponsored several Kazakh athletes, including boxing champions Gennadiy Golovkin and Serik Sapiyev, and top-ranked tennis players.

What is Hitech’s future ambition in motor racing?

Hitech has ambitions to join the F1 grid and has recently submitted an application for a slot from 2026.

Who else has confirmed their application to join the F1 grid?

In addition to Hitech, Andretti, in partnership with Cadillac, and former BAR boss Craig Pollock’s ‘Formula Equal’ team have also confirmed their applications to join the F1 grid.

More about Hitech F1 Bid

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EngineRevver June 27, 2023 - 6:14 am

Didn’t know Vladimir Kim was into racing. always thought he was just a mining guy… interesting development, I must say.

GearGrinder June 27, 2023 - 3:09 pm

F1 grid getting crowded eh? More the merrier i say. Let’s see who gets the green light from FIA!

SpeedRacer85 June 27, 2023 - 5:15 pm

whoa, Hitech moving up to F1?! thats big news, really looking forward to see them compete at that level… go Hitech!

PetrolHeadLarry June 28, 2023 - 1:38 am

well, its about time they made the jump to F1. their performance in F2 and F3 has been pretty solid. F1 needs fresh blood like Hitech!

TyreBurner June 28, 2023 - 2:10 am

wait… did I read it right?? ‘Formula Equal’ with 50:50 male-female staff. thats actually cool. hope they make it to the grid.


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