In order to compete in Formula 1, the American Andretti Global team has teamed up with US carmaker General Motors.
If their bid is successful, GM would be represented by its luxury Cadillac brand, according to a joint statement.
Andretti Global chairman Michael Andretti said: “We are well suited to be a new team for F1 and can bring value to the series.”
Andretti said he was “seeking to compete as soon as practical”.
And he said he wanted “at least one American driver.”
IndyCar driver Colton Herta, who competes for Andretti and has F1 aspirations, would be the top contender for that position. This year, he was denied a seat with Red Bull’s Alpha Tauri squad only because he lacked the necessary number of license points to qualify.
Cadillac chairman Mark Reuss said: “We have a long, rich history in motorsports and engineering innovation, and we are thrilled with the prospect of pairing with Andretti Global to form an American F1 team that will help spur even more global interest in the series and the sport.
“Cadillac and F1 both have growing global appeal. Our brand has a motorsports pedigree that’s more than a century in the making, and we would be proud to have the opportunity to bring our distinct American innovation and design to F1.”