Hocevar, who streams iRacing content on Twitch, labelled Mexico City a “shit hole” in a recent video.

The Michigan native received backlash for the comments, which came just days before the NASCAR Cup Series made its inaugural appearance at Autodromo Hermanos Rodriguez.

Spire Motorsports announced the financial penalty and have mandated that Hocevar undergo cultural sensitivity and bias awareness training.

The money from the fines will be donated to three charities — Cruz Roja Mexicana (Mexican Red Cross), Un Kilo de Ayuda (a nonprofit combating childhood malnutrition and supporting early-childhood development in rural communities), and Fondo Unido México (funding local NGOs that improve education, health, and housing).

“These actions are consistent with Spire Motorsports’ core value of respect, which is something we proudly display on every race car, team uniform, trackside hauler, and digital channel,” Spire Motorsports said in a statement.

“Respect is not a slogan. It is a daily expectation that we ‘walk the walk’ in how we speak, compete, and serve the communities that welcome our sport.

“Carson Hocevar’s recent comments made during the livestream fell short of that standard. They did not represent the views of Spire Motorsports, our partners, or NASCAR.

“He has acknowledged his mistake publicly, and his prompt, sincere apology demonstrated personal accountability. We now take this additional step to underscore that words carry weight, and respect must be lived out loud.”

‘I’m going to beat your ass’: NASCAR star threatens retaliation

Spire Motorsports said it informed NASCAR of its self-imposed sanctions, meaning the stock car governing body is unlikely to further penalise Hocevar.

“Together we remain committed to showcasing NASCAR’s global growth, celebrating the passionate Mexican fanbase we experienced firsthand last weekend, and ensuring every member of our organization treats hosts, competitors, and communities with dignity,” the statement continued.

“We look forward to turning the page by racing hard, representing our partners, and living our values on and off the track.”

Before news broke of the sanctions, the 22-year-old apologised for his comments in a social media post.

In the apology, Hocevar joked that he may have to live in Mexico to avoid Ricky Stenhouse Jr., who threatened to beat him up upon returning to the United States.

“Maybe a kid that had never been out of the country until Thursday should ever give an opinion about what any place is like other than Portage, Michigan,” he wrote.

“When I answered that question on a stream, I was skeptical about the trip so far and believed everything I read or heard about Mexico City from people who more than likely also had never been here.

“Now that I’ve actually left my hotel a couple times and raced here in front of some of the most passionate fans I’ve ever seen, my opinion has changed. I am embarrassed by my comments, by the race I ran, and I may have to move here to hide out from Ricky anyway.

“Count this as another lesson for me in a season I’ve learned so much. Don’t believe everything you hear without seeing it yourself. If anyone should give anyone or any place the benefit of the doubt it’s me. I’m sorry Mexico City.

“Consider me an ally going forward and an example of getting off Twitch and seeing things with my own two eyes.”