The Mexican was out of contract at the end of the year and amid struggling form there was plenty of speculation that he would be replaced.
Though he finished runner-up in the 2023 standings, Perez has been heavily criticised for being unable to get anywhere near teammate Max Verstappen who has won the last three championships.
Since ‘Checo’ joined Red Bull in 2021, he has won five races, compared to Verstappen’s 49, with the Dutchman leading this season’s championship after eight races, 62 points ahead of his teammate in fifth.
But Christian Horner’s team are satisfied with the 34-year-old’s contributions, snubbing the chance to sign up Ferrari’s Carlos Sainz who is set to be a free agent, or lure their four-time champion Sebastian Vettel out of retirement.
Yuki Tsunoda and Daniel Ricciardo, who drive for Red Bull’s sister team RB, and promising reserve driver Liam Lawson were also under consideration and their own futures will now be the subject of much speculation.
‘I am really happy to commit my future to this great Team, it is a challenge like no other racing for Oracle Red Bull Racing, both on track and off track,’ Perez said upon the announcement.
‘I am delighted to be staying here to continue our journey together and contribute to this Team’s great history for two more years. Being part of the Team is an immense challenge, and one I love.
‘We have a great challenge this year and I have full trust in the whole Team that the future is bright here and I am excited to be part of it. I want to thank everyone for all the trust they are putting in me, it is a lot and I want to pay it back with excellent results on track, and off track.
‘I think we have a lot of work to do, we have a lot more Championships to win together.’
‘Now is an important time to confirm our line-up for 2025 and we are very pleased to continue working together with Checo,’ Horner added.
‘Continuity and stability are important for the Team and both Checo and Max are a successful and robust partnership, securing our first ever one-two finish for the Team in the Championship last year.
‘Checo has had a strong start to 2024 with second places in Bahrain, Saudi Arabia and Japan and then his podium in China. The past few races have been tough, there is convergence on the grid, but we are confident in Checo and look forward to his return to proven form and performance, that we so often see.
‘Last year was a unicorn season and we will need to work hard to retain our titles, but we are assured in our line up and with the Team as a whole, which is imperative in what is shaping up to be a close fought Championship this year.’
The F1 season continues this weekend with the Canadian Grand Prix.
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