F1 is enjoying a purple patch with surging interest among fans, many of whom have been attracted to it in recent seasons.
The sport benefitted from Drive to Survive and being one of the first to get going again during the pandemic.
Interest from there has continued to grow with the sport’s commercial rights holders, Liberty Media, looking to cash in.
That has seen new partnerships with companies across a range of markets, including the likes of Lego and Matel, through its Hot Wheels brand.
“Hot Wheels has always partnered with the most relevant automotive brands,” Roberto Stanichi, executive vice president of Hot Wheels and head of vehicles and building sets, told Speedcafe.
“Hot Wheels continues to push design limits and immerse itself in car culture conversations and F1 is no exception to that.
“F1 has always been a natural fit for Hot Wheels,” he added.
“F1’s global reach, passionate fanbase, blend of speed and design, and history, make it an ideal partner for Hot Wheels to engage with an even broader motorsport audience.
“F1 is the top tier of motorsports, combining cutting-edge technology, elite drivers, and a massive global following.
“Its prestige and innovation make it unique, and it was a joy for our designers to bring the iconic cars to our signature 1:64th scale.”
In recent years, Mattel’s story has largely mirrored F1’s own, with strong growth off the back of the pandemic.
Hot Wheels contributed USD $1432.4 million into Mattel’s coffers in 2023. a figure that has grown every year since 2017 with significant annual jumps since 2021.
Since the first car was released in 1968, it’s estimated that more than six billion have been produced, adding around 10 million new cars each week.
A generation ago, Hot Wheels produced a line of die-cast replica cars, though those were larger in scale, aimed more at the collector market, and saw the company deal with individual teams. This time, the relationship deals directly with Formula 1.
It also includes a product range aimed at the consumer with a separate line for collectors and enthusiasts in a play deliberately designed to appeal to all ages.
“Both F1 and Hot Wheels target fans of all ages, from kids to adult collectors, with a shared focus on design, speed, racing, and global appeal, especially with F1’s growing media presence in the US,” Stanichi reasoned.
“Both brands transcend generations and appeal to fans whether they are 5 or 65, which is a huge connection point.”
The process entails designing the base model car and then applying a faithful recreation of the team’s livery.
Two versions have been produced: a simplistic design on the ‘Mainline’ cars and a more accurate representation on the ‘Premium’ models. Both require approval from the teams.
“Liveries are based on team designs, with official teams and Formula 1 team members approving them to ensure accuracy,” Stanichi explained.
“The approval process involves detailed checks and collaboration between both brands.
“The process includes research and collaboration between both Hot Wheels and F1 team members
“It is no easy process to quickly and thoughtfully take the F1 cars that are announced in February and quickly turn them into our Hot Wheels designs to hit retail shelves for fans in a timely manner.”
Only eight of the current 10 teams are represented, with Ferrari and Aston Martin omissions from the product line.
When asked why the two teams were missing, Hot Wheels did not offer an explanation but said it is “excited by the response so far and look forward to building our relationship with Formula 1 in the years to come.”
The deal between F1 and Mattel is a longer-term prospect, with the latest release of cars only the starting point.
While no firm plans have been announced, that could include special liveries and historical models, too—in 2024, before the F1 deal commenced, Hot Wheels released a 1967 Lotus 49.
“The Hot Wheels Formula 1 partnership will continue over the next few years and will expand into both retail and consumer engagement activations throughout the F1 season,” said Stanichi.
“The initial product launch featured a custom Hot Wheels F1-inspired livery and we just revealed eight official team liveries in the next phase of the product launch.
“We will continue to work with F1 teams on new designs from current and future F1 seasons.
“We have exciting updates coming and are looking forward to the longevity of the partnership where we will continue to celebrate the heritage of the sport.”
Though a comparatively new relationship, it’s already proved a success in Stanichi’s eyes courtesy of the market response as Hot Wheels cashes in on F1’s popularity boom.
“The Hot Wheels and F1 partnership has already been a huge success with an overwhelmingly positive response from both fan bases,” he enthused.
“We were thrilled to see the excitement when we launched the first Hot Wheels F1 car on Mattel Creations late last year and are proud to say we quickly sold out of the Premium die-cast items when we revealed the product line-up in January.
“But, no worries, even more will be made available!”
In Australia, the basics and mainline cars are already on shelves in both single and five-packs, with the premium models set to launch in September.
The range will also expand to include tracksets
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