Luczo Dragon ran a six-race schedule in 2008 including the Indianapolis 500 with IndyCar veteran Tomas Scheckter,[1] this time without support or cars from Penske Racing.

The team expanded to a full-time entrant in 2009, fielding 2008 Indy Lights champion Raphael Matos.

[2] Matos and the Dragon Racing team went on to win the Rookie of Year honors in 2009 and scored multiple top-10 finishes.

Additionally the team entered two cars in the Indy 500[3] for drivers Scott Speed and Ho-Pin Tung.

It entered two cars in the 2012 IndyCar Series season; one driven by Katherine Legge, and the other driven by four-time Champ Car champion Sébastien Bourdais,[5] but on June 1, 2012, it was revealed that they would reduce operations to just 1 team with Bourdais driving the street courses and Legge on the ovals.

[6] Bourdais and team continued to dominate at Road and Street courses capturing three podium finishes, including two in the double-header in Toronto.

[7] On September 25, 2013, it was announced that Dragon Racing would be joining Formula E with Jay Penske leading the team.

Prior to the 2016–17 season, Dragon made a deal with Faraday Future, who became the title sponsor of the team and also a technical partner.

[16] As a manufacturer, Dragon fell into eighth place in Teams' Championship, scoring only 33 points with no podium finishes.

Despite scoring 41 points, which was more than in the previous year, Dragon fell to ninth place in Teams' Championship.

[19] D'Ambrosio left the team to join Mahindra Racing, which prompted Dragon to promote their reserve driver Maximilian Günther to the empty seat.

[23] For the 2019–20 season, Dragon introduced a new driver lineup consisting of Brendon Hartley and Nico Müller.

[26] Dragon have fallen down to eleventh place in Teams' Championship, scoring just two points with Hartley's P9 finish in the second race of the 2019 Diriyah ePrix.

For the 2021 Puebla ePrix, Joel Eriksson replaced Müller due to a date clash with his DTM commitments.

[31] On July 3, 2021, Müller announced on his Twitter account that he and Dragon decided to part ways, effectively keeping Eriksson in his seat for the rest of the season.