The Infiniti Red Bull Racing team based at Milton Keynes is to be awarded the Freedom of the Borough at a special ceremony this evening.
Red Bull are the current Formula One driver and constructors' champions.
The team has won 47 Grand Prix and their driver Sebastian Vettel is a four-times World Champion.
Red Bull will be given the Freedom of the Borough for the significant impact it's had on the Milton Keynes economy.
Team Principal Christian Horner OBE will be presented with a ceremonial scroll and bowl by Milton Keynes Mayor Brian White in a ceremony starting at 8pm.
Milton Keynes Council Leader Andrew Geary said: "We are delighted that the Infiniti Red Bull Racing Team and its highly skilled workforce is part of 'Team Milton Keynes', and we are pleased to honour the team with Freedom of the Borough.
"The team has an enviable international reputation, which is in part passed to Milton Keynes by its presence in Tilbrook.
"This has helped to bring other high engineering and technology investment to the borough, helping us develop this valuable industry sector, in turn creating jobs and training opportunities for local people.
"The team is a great ambassador for inward investment and business growth, bringing massive economic benefits to Milton Keynes."
Infiniti Red Bull Racing Formula One Team Principal Christian Horner added: "It's a huge honour to be considered for the Freedom of the Borough.
"Milton Keynes has been our base since the end of 2004 when Red Bull Racing started and many of our staff live in or around the area.
"We would like to thank all of Milton Keynes for making us feel so welcome and to the council for this very special acknowledgement."