Formula One racing, also known as F1, is a global motor-sport competition that involves the fastest racing cars in the world. It is the top level of single-seater auto racing sanctioned by the Fédération Internationale de l’Automobile (FIA). Formula One racing is a high-stakes competition, with teams spending hundreds of millions of dollars to design and build the fastest cars and compete in races across the world. Formula One races typically take place on specially designed tracks, with drivers racing against each other in high-performance race cars capable of reaching speeds of over 200 mph. The drivers compete for individual glory, but also for points and championships for their respective teams. Formula One racing is a massively popular sport, attracting millions of fans from all around the world and generating billions of dollars in revenue each year.