In 2010 IndyCar formed the ICONIC (Innovative, Competitive, Open-Wheel, New, Industry Relevant, Cost-Effective) committee to select the series' next chassis. Proposals were submitted by Dallara, BAT Engineering, DeltaWing, Lola, and Swift. The committee accepted Dallara's design. The resulting car featured a carbon fibre monocoque with Kevlar honeycomb construction, an Xtrac No. 1011 six-speed semi-automatic sequential gearbox, and partial wheel guards around the rear tyres designed to reduce the risk of interlocking-wheel incidents. The chassis cost $349,000 per unit.
The DW12 made its competition debut at the 2012 Honda Grand Prix of St. Petersburg, where Will Power took pole position and Helio Castroneves won the race. Its first Indianapolis 500 followed that May. The 2013 Indianapolis 500 produced a track-record 68 lead changes.
From 2012 the DW12 was powered by 2.2-litre twin-turbocharged V6 engines supplied by Chevrolet (Indy V6) and Honda (HI26E). A third supplier, Lotus, ran a V6 unit briefly in 2012 before withdrawing. Power outputs were calibrated by circuit type: approximately 550 hp on superspeedways, 575 hp on 1.5-mile ovals, and up to 650 hp on short ovals, road courses and street circuits, with a supplementary push-to-pass system adding a further 50 hp. Fuel was initially E85 ethanol blend; from 2023 the series transitioned to 100% renewable Shell V-Power Nitro+ E100. Weight in race trim ran between 1,650 and 1,690 lb.
The DW12 passed through three distinct aerodynamic phases. From 2012 to 2014 all teams ran a universal Dallara-supplied aero kit. In 2015 manufacturer-specific kits were introduced: Honda developed its package in conjunction with Wirth Research; Chevrolet worked with Pratt & Miller. Chevrolet's package proved dominant in 2015 but the era also produced a series of car-flipping incidents at Indianapolis, prompting the series to discontinue manufacturer kits.
From 2018 the UAK-18 (Universal Aero Kit 2018) became mandatory. The UAK-18 reduced rear-wheel guard coverage and shifted downforce generation toward ground effects, also visually evoking the lower-slung appearance of IndyCar machinery from the 1980s and early 1990s. For 2020, Red Bull Advanced Technologies designed the aeroscreen — a polycarbonate windscreen integrated into the cockpit — which was added to all cars to improve driver head protection.
A hybrid powertrain was introduced at the Mid-Ohio Sports Car Course in July 2024, having been delayed from its original 2023 target due to COVID-related supply chain disruptions. The system added an electric motor producing 60 hp and 33 lb-ft of torque, drawing from a 320 kJ, 60-volt capacitor unit, to supplement the existing 2.2-litre V6.
Justin Wilson, an Anglo-American IndyCar driver, was killed at Pocono Raceway on 24 August 2015 after being struck on the helmet by the nose cone from Sage Karam's car following a crash in the field ahead of him. The incident prompted further discussion about cockpit protection, eventually contributing to the adoption of the aeroscreen for 2020.
The Dallara IR-28, intended to introduce a new generation of IndyCar chassis, was pushed back to 2028 from an earlier planned introduction due to a combination of engine supplier production timelines, supply chain constraints, and financial considerations across the IndyCar ecosystem. The delay confirmed the DW12 as the longest-serving chassis in the series' history.
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