On August 24, 2021, Cadillac announced it would participate in IMSA's new GTP class and enter the FIA World Endurance Championship's Hypercar class in 2023 with an LMDh-compliant design. Dallara was confirmed as the chassis supplier on the same day, and Action Express Racing and Chip Ganassi Racing were named as the teams to campaign the car in the 2023 IMSA season. Chip Ganassi Racing was also confirmed to contest the 2023 24 Hours of Le Mans.
Cadillac released renders of the car on June 9, 2022. The car's powertrain combines a 5.5-liter 90-degree naturally aspirated V8 — one of the largest-displacement engines in its category — with a standardized hybrid drivetrain using components from Williams Advanced Engineering, Bosch, and Xtrac. The first shakedown was completed in July 2022, followed by testing at Sebring International Raceway and Road Atlanta, covering nearly 19,312 km (12,000 mi). General Motors' sportscar racing program manager Laura Klauser noted in October 2022 that both teams were working jointly to prepare three cars for the 2023 Daytona opener.
For the 2023 IMSA season, Chip Ganassi Racing ran yellow (#01) and blue (#02) cars as the factory Cadillac Racing squad, while Action Express Racing ran the red #31 car as Whelen Engineering Racing. The blue #2 car served as Cadillac's sole full-time FIA WEC entry.
At the 2023 24 Hours of Daytona, the V-Series.R made its global debut alongside LMDh/LMH entrants from Acura, BMW, and Porsche. Cadillac was competitive through the early stages but struggled against Acura's ARX-06 late in the race; the leading #01 Cadillac finished third overall. The V-Series.R achieved its first victory at the 2023 12 Hours of Sebring with Action Express Racing, recovering from an early collision with an LMP3 car. That same weekend the car completed its FIA WEC debut, finishing fourth — ten seconds behind the third-place #50 Ferrari 499P. Alex Lynn described the result as "a fantastic start." Cadillac took another fourth-place finish at the 2023 6 Hours of Portimão.
An additional V-Series.R was fielded at the 2023 6 Hours of Spa-Francorchamps under number #3 as Le Mans preparation, but retired after Renger van der Zande suffered a heavy high-speed collision at Raidillon. Van der Zande emerged unharmed; a suspected power steering failure was identified as the cause.
Cadillac's 2023 appearance at the 24 Hours of Le Mans was its first in 21 years, having last competed in 2002 with the Northstar LMP project. All three V-Series.Rs participated. The full-season #2 car finished third overall, one lap behind the #51 Ferrari and the #8 Toyota. Richard Westbrook called the podium a great start to the program. In subsequent IMSA rounds, the V-Series.R added a win at the 2023 Motul Course de Monterey and podiums at the 2023 Sahlen's Six Hours of The Glen and the 2023 Petit Le Mans. The Petit Le Mans result sealed the Teams', Drivers', and Manufacturers' Championships for Cadillac and Action Express Racing after a season-long battle with Acura, whose teams included Wayne Taylor Racing and Meyer Shank Racing. In the FIA WEC, Cadillac's drivers finished fifth in the Drivers' Championship with 72 points and fourth in the Manufacturers' Championship with 79 points.
Action Express Racing set a track record lap at the 2024 24 Hours of Daytona through Pipo Derani to take pole position, then ran at the front throughout the race, ultimately finishing second — 2.112 seconds behind the winning #7 Porsche 963. The WEC season opened poorly with a disqualification for a technical breach, a tenth-place finish, and a retirement from a high-speed crash in the first three rounds. In IMSA, Chip Ganassi Racing's #01 car contested second in the GTP standings against the #6 Porsche, finishing the season third by five points. The defending champion Action Express car finished fourth. Cadillac teams combined for eight podiums, two fastest laps, four pole positions, and two wins in IMSA — the more prominent being the 2024 Petit Le Mans by Chip Ganassi Racing. Cadillac also scored a pole position at the 2024 6 Hours of Fuji in WEC.
Chip Ganassi Racing departed ahead of 2025, with Wayne Taylor Racing taking over Cadillac's factory IMSA operations and Jota Sport assuming the WEC factory programme. In Jota's opening race, both cars collided with each other during a virtual safety car period and fell from contention. Wayne Taylor Racing achieved their first podium with the V-Series.R at the 2025 Chevrolet Detroit Sports Car Classic.
At the 2025 24 Hours of Le Mans, both Jota V-Series.Rs secured a front-row lockout in Hyperpole qualifying — Alex Lynn and Earl Bamber taking the positions — marking Cadillac's first ever pole position at Le Mans. Lynn then scored back-to-back pole positions with the #12 car at the following 2025 6 Hours of São Paulo. In that race, the pole-sitting #12 car took victory and the #38 finished second, giving Cadillac a 1–2 result and its maiden FIA World Endurance Championship victory.
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