Sergio Perez knows there is plenty of work ahead of Cadillac as they attempt to build a Formula One competitor "from the ground up", having extended his contract with the team until 2029.

Perez, who raced for Red Bull alongside Max Verstappen from 2021 to 2024, joined Cadillac ahead of their inaugural campaign this year.

He currently sits bottom of the drivers' championship standings, having had five retirements and no finishes higher than 14th throughout a difficult campaign.

Perez's team-mate Valtteri Bottas and Aston Martin's Lance Stroll are the only other full-time drivers who are yet to secure a single point.

Yet the Mexican – who has six F1 wins overall, five of which came with Red Bull – has been encouraged by the progress made by the team. 

"Joining Cadillac from day one was a project I truly believed in, and extending my commitment feels like a natural continuation of this chapter," Perez said after his contract extension was announced on Wednesday.

Checo Perez, extended. https://t.co/lmrHE2lGpb

— Cadillac Formula 1 Team (@Cadillac_F1) October 28, 2026

"Building a Formula One team from the ground up takes time, relentless work and patience, but the progress we are making together is incredibly rewarding.

"There is still a lot of work ahead of us and I am fully committed to the next three years."

Perez placed 19th – the lowest of all finishers – at last week's United States Grand Prix and will be back in action at his home race in Mexico City this weekend.