Ford announced Friday that it is returning to Formula 1 racing in 2026.

Ford will team up with Red Bull Powertrains, which is based at the F1 team's factory in Milton Keynes, England.

The partnership was formally announced as Red Bull unveiled its 2023 car in New York on Friday.

"The news today that Ford is coming to Formula One from 2026 is great for the sport and we are excited to see them join the incredible automotive partners already in Formula One," F1 CEO Stefano Domenicali said. "They are a global brand with an incredible heritage in the racing and automotive world and they see the huge value that our platform provides with over half a billion fans around the world.

"Our commitment to be Net Zero Carbon by 2030 and to introduce sustainable fuels in the F1 cars from 2026 is also an important reason for their decision to enter F1. We believe that our sport provides the opportunity and reach unlike any other and we cannot wait for the Ford logo to be racing round F1's iconic circuits from 2026."

Ford last was involved in F1 in 2003, when it earned its last victory with Giancarlo Fisichella driving in Brazil, and 2004. Before that, Ford's Cosworth engines were regulars in F1 from the 1960s through the 1990s, and the engine-maker produced 176 wins in 523 starts.

"Ford is returning to the pinnacle of the sport, bringing Ford's long tradition of innovation, sustainability and electrification to one of the world's most visible stages," said Bill Ford, the car manufacturer's executive chair.

Red Bull Racing-RBPT won the 2022 F1 constructors' championship with the Netherlands' Max Verstappen earning the driver championship under its banner.