Sergio Pérez will stay with Cadillac's Formula One team through 2029 after signing a multi-year contract extension, the BBC and Reuters via Sportstar report.

The deal was announced on the eve of the Mexico City Grand Prix, Pérez's home race. The 36-year-old is set to make his 300th Grand Prix start there this weekend, the BBC reports. Reuters reports he will be only the seventh driver in F1 history to reach 300 starts.

Pérez joined the new American team last August, before its first season. His teammate is fellow veteran Valtteri Bottas.

The season has been hard. Cadillac is the only team yet to score a point this year, Reuters reports. The BBC reports Pérez sits last in the standings, with three 14th-place finishes as his best results.

"Joining Cadillac from day one was a project I truly believed in, and extending my commitment feels like a natural continuation of this chapter," Pérez said. "There is still a lot of work ahead of us."

Cadillac chief executive Dan Towriss said the team was thrilled to keep Pérez. "Building a competitive team in F1 is a long-term journey," Towriss said, Reuters reports.

Pérez made his F1 debut in 2011 and has won six Grands Prix. Five came with Red Bull and one with Racing Point, the BBC reports. He finished second to Max Verstappen in 2023. Red Bull dropped him after the 2024 season, though he had two years left on his deal.

Reuters reports Bottas has brushed off rumors that he could be replaced. "I know my situation, and it's all good," Bottas said.

What we know: Pérez is signed with Cadillac through 2029.
What we don't: Whether Bottas will also stay with the team past this season.