Haas F1 team unaffected by owner's business challenges amid tariff impact

Red Bull Racing/Red Bull Content Pool

The U.S.-based Haas Formula 1 team has clarified that it will continue its operations unaffected, despite owner Gene Haas' machine tools business experiencing a significant downturn due to President Donald Trump's trade tariffs. Haas Automation, located in California, announced on Wednesday that it has faced a "dramatic decrease in demand," leading to reduced production, elimination of overtime, and a halt in hiring.

While acknowledging the tariffs' severe impact, the company expressed optimism that the Trump administration would take steps to alleviate the burden on U.S. manufacturers. Haas Automation, which employs 1,700 workers at its Oxnard plant and other outlets nationwide, reported declines in both domestic and international demand.

Despite these challenges, a spokesperson for the Haas F1 team stated that their operations remain unaffected. "It's business as usual regarding the team and there is no change to our development plan, recruiting process, and other projects," the spokesperson commented ahead of this weekend's Bahrain Grand Prix. "To clarify again, no impact to the team."

Haas F1, which joined the Formula 1 grid in 2016 and is celebrating its 10th season, remains the smallest of the 10 teams competing. The team operates under the sport's budget caps and relies heavily on sponsorship and revenue shared by the Liberty Media-owned series. Haas F1 uses Ferrari engines and maintains a technical partnership with Toyota.

Up Next