From the Power Racing Series website (powerracingseries.org):

Engineering, technology, diversity, and above all imagination are at the core of what we represent. We believe that sharing open source knowledge, tools, and tech among inspired makers of all ages and abilities will unlock the solutions to some of the most difficult challenges we face today. The challenge of creating a working electric vehicle for under $500 encourages progressive use of available technology and inspires our teams to help each other, even in the spirit of competition. Above all else, we believe that anyone with the passion and drive to learn will help lead us into the future.

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