|© AP Photo/Chuck Burton
Gene Haas, founder of Haas Automation and chairman of the newly renamed Haas F1 Team, opted for the name change to better correlate his team with the Formula One championship.
Haas also has motorsports holdings in Windshear. Windshear is a 180 mph rolling-road wind tunnel in Concord, North Carolina, that is the first of its kind in North America.
Haas founded Haas Automation in 1983 and has shaped it into the largest CNC machine tool builder in North America.
"Haas Automation has an excellent reputation in the United States and I want that reputation to grow worldwide," he said. "Connecting Haas Automation with F1 in name and in practice when the Haas F1 Team debuts in 2016 is the best way to grow our business and elevate Haas Automation to a premium, global brand."
The last U.S.-based Formula One team was Parnelli Jones Racing in 1974-76, when Mario Andretti drove.
Haas selected Scuderia Ferrari as its technical partner.
Ferrari, the most successful team in the history of Formula One with 16 constructors titles and 15 driver championships, will provide Haas F1 Team its power unit, gearbox and overall technical support.
"Aligning Haas F1 Team with such a tenured and successful company in Scuderia Ferrari provides our team with the greatest opportunity for success in 2016 and beyond," Haas said.
The power unit consists of the engine, the motor generator unit-kinetic, the motor generator unit-heat, the energy store, turbocharger, and control electronics. The gearbox, or transmission, has eight forward gears, which are operated by the driver via paddles affixed to the back of the steering wheel.
"We understand there is some heavy lifting ahead of us, but know that with their technical support, we will develop a team of talented people at an exceptional pace so that we're ready to race competitively in 2016," Haas F1 team principal Guenther Steiner said. "We are focused on the future and look forward to what's ahead for Haas F1 Team."