The team debuted as Luczo Dragon Racing in the 2007 Indianapolis 500 with driver Ryan Briscoe, qualifying seventh and finishing fifth. After years competing in IndyCar — fielding drivers such as Sébastien Bourdais, Katherine Legge, Sebastián Saavedra, and Paul Tracy — Jay Penske rebranded the outfit as Dragon Racing and in 2014 redirected its focus entirely toward the newly launched Formula E championship. Dragon was the second American team to commit to the series, following Andretti Autosport.
Dragon entered the inaugural Formula E season with Oriol Servià and Jérôme d'Ambrosio, with Loïc Duval stepping in mid-season. The team delivered a strong second half of the campaign, ultimately finishing second in the Teams' Championship with 171 points.
For Season 2, Dragon sourced powertrains from Venturi rather than building their own, retaining d'Ambrosio and Duval. The team slipped to fourth in the Teams' Championship with 143 points.
Dragon opted to develop its own powertrains from the 2016–17 season, also landing a title sponsorship from electric vehicle company Faraday Future. The partnership proved difficult on track; the team fell to eighth place with just 33 points. Loïc Duval departed and was replaced briefly by Neel Jani, then José María López for the remainder of the year. Despite scoring 41 points the following season, Dragon continued to struggle as a manufacturer, finishing ninth.
A sponsorship deal with footwear brand Geox prompted a rebrand to GEOX Dragon for Season 5. D'Ambrosio left for Mahindra, and reserve driver Maximilian Günther was promoted, with Felipe Nasr also making appearances. Dragon scored only 23 points and finished tenth. In the 2019–20 season, Dragon supplied its year-old Penske EV-3 powertrains to customer team NIO 333 while introducing Brendon Hartley and Nico Müller as drivers, scoring just two points across the year.
A rebranding to Dragon/Penske Autosport came alongside a new ownership-adjacent structure. Sérgio Sette Câmara paired with Müller, and in the chaotic 2021 Valencia ePrix Müller claimed the team's first Gen2-era podium with second place. Antonio Giovinazzi joined for the 2021–22 season, partnering Sette Câmara, but the team finished last in the Teams' Championship — its worst season to date.
A transformative partnership with DS Automobiles — following Techeetah's collapse — brought a full rebrand to DS Penske for Season 9. The team signed double champion Jean-Éric Vergne and former FE champion Stoffel Vandoorne. Vergne won the 2023 Hyderabad ePrix, ending a dry spell stretching back to 2016. Both drivers were retained for Season 10. For Season 11, Maximilian Günther replaced Vandoorne, and Günther promptly won two races — Race 1 of the Jeddah ePrix and Race 1 of the Shanghai ePrix. Vergne moved to DS sister team Citroën Racing for Season 12 and was replaced by former McLaren driver Taylor Barnard. In March 2026, DS announced its exit from Formula E at the end of that season.
Notable Formula E drivers to race for the team include Jérôme d'Ambrosio, Loïc Duval, Maximilian Günther, Brendon Hartley, Jean-Éric Vergne, and Stoffel Vandoorne. On the IndyCar side, the team ran Sébastien Bourdais, Katherine Legge, and Paul Tracy.
Dragon's trajectory in Formula E traces the series' broader evolution: from founding-season contender to manufacturer struggles and eventual revival through a premium manufacturer deal. Its longevity across all seasons of Formula E — under multiple names and powertrain philosophies — makes it one of the championship's most enduring, if inconsistent, participants. The team's rebound as DS Penske, with race wins in Seasons 9 and 11, showed the programme could still compete at the front after years of mid-field obscurity.