Sergio Perez Signs $100M Cadillac Deal—His Final F1 Contract

Sergio Perez has signed a contract extension with Cadillac that is reportedly worth more than $100 million over three years, making it the most lucrative deal of his Formula 1 career.

Perez confirmed the deal will be his last in the sport.

"I am clear that these last three years will be my last contract," he said, via Reuters.

The contract runs through at least the 2029 season.

Cadillac announced the extension ahead of Perez's home Grand Prix in Mexico City on November 1, 2026.

Perez does not see himself in F1 for much longer.

It is not just the age factor, but the time it takes from his family life, especially with the Cadillac project, which requires him to spend a larger amount of time at the track and in meetings.

THE MONEY

The reported value of the deal puts Perez just behind Max Verstappen, Lewis Hamilton, Charles Leclerc, George Russell and Lando Norris on the F1 pay list.

ESPN reported, according to Sopitas, that Perez stands to earn in excess of $100 million for the three-year period, including bonuses.

That works out to over $30 million per year, though the figure is not official.

This puts the Mexican in a strong financial position for what is supposed to be his final few F1 seasons.

WHY PEREZ SEES THIS AS HIS FINAL DEAL

Perez explained why he chose to end his career with Cadillac.

"I'm really enjoying working with this team, with this project starting from zero," said Perez.

"It's a massive challenge that I'm facing. I've never been part of something new."

He contrasted the experience with his previous teams.

"Normally, when you come to a team, everything is structured, and the driver can influence very little in the team organization," he said.

"Here, I feel like there is so much I can do other than just driving as fast as possible."

Perez said the full support from General Motors and TWG Motorsports convinced him this was the right place.

"I really believe that this is the right place for me," he said.

"This is where I want to end my career on a high with the project."

"That's why I feel like I've got this final period of my career that I want to do the maximum with them."

THE SECOND SEAT

While Perez is confirmed, the second Cadillac seat is still undecided.

Valtteri Bottas reportedly signed a multi-year deal earlier, but there is believed to be further doubt over his drive.

Cadillac has been pushing for American driver Colton Herta to obtain his F1 super license.

Herta needs 40 points to qualify for a race seat.

He can earn the final point this weekend in Brazil during FP1, where he will drive in Perez's car.

Herta needs 24 laps to rack up the necessary mileage to secure the 40th point.

Perez said he is leaving all driver decisions to team boss Marcin Budkowski.

"No, not at all. I don't want to, either, because that's not my decision," Perez told media including RacingNews365.

"That's why we have someone like Marcin, who will be looking at all the data and information, and he will ultimately make that decision based on what he thinks is best for the future of the team."

Perez praised Herta's contribution.

"He's doing a good job," he said.

"He's bringing good feedback to the team and good information, which is all we need from him."

"Obviously, doing FP1s is always very difficult to show your speed or the level you're at."

"But now I think he's having more time in the car and in the simulator, so we're starting to see more of his speed."

Other drivers rumored to be in the frame include Frederik Vesti, Liam Lawson and Esteban Ocon.

ON-TRACK PERFORMANCE

Cadillac has not scored a single point in the 2026 season.

After 19 rounds, Formula 1's official standings show Bottas in 23rd place and Perez in 24th.

In Mexico City on November 1, Perez climbed from 20th on the grid to 17th at the flag.