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Manor GP exits bankruptcy, secures Ferrari engine deal

Those who considered Manor Grand Prix down for the count may be in for a surprise as the struggling Formula One team is clawing its way back onto the grid. According to the latest intel, the outfit has not only re-emerged from bankruptcy proceedings, but it's also secured an engine deal for this season. Now if the name Manor doesn't ring any bells for you, it's probably because it never raced under that name. At least not in F1. Manor Motorsport has been competing in lower-level formulae since 1990, and secured an expansion slot in the big leagues in 2009. By the time it actually reached the grid, it had secured title sponsorship from Virgin, and was subsequently taken over by Marussia, under whose banner it competed for several season until things started to unravel late last season. After Jules Bianchi crashed at the 2014 Japanese Grand Prix, it fielded only one car (that failed to finish) at the subsequent Russian Grand Prix and then dropped off the grid altogether. After failing to make it to the season closer in Abu Dhabi, the team was declared bankrupt. In an effort to regroup and make it back on the grid for the 2015 championship, it appealed to its rivals for special dispensation to run last year's car this season. Unfortunately, some of the other teams rejected the proposal, and it looked like it was all over for the struggling backmarker. But it retained its slot on the entry list and paid its fees, and has now emerged from bankruptcy proceedings, eager to get back into the action – even if it misses the season opener in a couple of weeks in Australia. The team is now focusing on completing its original design for the 2015 MR04 chassis. And it appears to have cleared a major hurdle as Ferrari has reportedly agreed to supply the team with last year's engine. We'll just have to wait and see whether that will prove enough to get the team back up and running – especially since it already sold off many of its assets. News Source: ESPN F1 (1), (2)Image Credit: Paul Gilham/Getty Earnings/Financials Motorsports Ferrari F1 manor

Here's how wildly expensive it is to participate in F1

The cost of competing in Formula One racing is extremely high. Not in the physical and lifestyle sense, although that too takes a major toll on each team and driver, but in a literal hand-over-the-cash sense. Each F1 team pays hundreds of thousands of dollars to enter, plus a fee for every single point the team earned in the previous season. Motorsport.com recently detailed just how absurdly pricey entering the F1 field is. According to the piece, the price of entry goes up each year due to the U.S. Consumer Price Index. For 2019, the entry fee is $546,133, and it doesn't stop there. There are additional dues required of each team based on where the team finished in the previous season. Interestingly, the winners pay more. For example, Mercedes-Benz, the constructor champion for the past five years, must pay $6,553 per point it scored in 2018. With 655 points scored, that's $4,292,215. All other teams must pay $5,459 per point. For a full rundown of what the teams will be paying for 2019, check out the full article here.Related Video:

Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall