GM Touts Racing Innovation, IP Boon as It Bids to Join Formula 1

An entry into the glitzy, billion-dollar world of Formula 1 wouldn’t just give General Motors Co. a spotlight in Netflix’s blockbuster hit “Drive to Survive,” it would give the carmaker an invaluable pipeline of innovation.

Participation in F1 helps car manufacturers design racing features that can cross over into commercial vehicles and reach everyday drivers, intellectual property attorneys said. Paddle shifters, active suspensions, and even steering wheel buttons are some of the litany of car components that originated on the race track and are now ubiquitous on surface roads.

“Buttons on your steering wheel? That came straight out of F1 ...