The timing of the deal comes less than a week after Newgarden captured his second consecutive victory in the Indianapolis 500, which gave legendary team owner Roger Penske 20 wins in ‘The Greatest Spectacle in Racing.’
Newgarden first joined Penske in 2017, winning the first of his two IndyCar Series titles that year (with the other being 2019), with 27 of his 30 victories (13th all-time) coming with the organization. He has also captured 16 poles.
“Josef Newgarden is a true winner, and we are excited that he will continue as a part of Team Penske for years to come,” said Penske.
“What he did Sunday in the Indianapolis 500 shows how Josef consistently delivers for our team and our partners on the track, and he is just as impressive off the track as well. We are proud to have Josef continue with our organization as his skill and passion embody what it means to be a Team Penske driver.”
A 33-year-old Tennessee native, Newgarden also became the first driver in Team Penske history to win the Indy 500 and the 24 Hours at Daytona in the same season when he helped the team to the overall win in the endurance classic for the first time since 1969.
“Driving for Roger Penske and this iconic team is a dream that I never thought I would realize,” stated Newgarden.
“I’m thankful for the opportunities that I’ve been given during my time at Team Penske. I have a great amount of respect for the individuals that comprise our group, including the partners who support us.
“Our time together has been filled with hard work, teamwork and dedication; and I’m so excited that we will continue on for many more years to come. I’m sure that we can achieve much more in the future. I still believe we haven’t reached our full potential together just yet.”
Newgarden currently sits seventh in the overall standings, 61 points behind leader Alex Palou, the two-time and reigning series champion, despite having his win and points taken away following the overtake system drama in St. Petersburg back in March.