With a history dating back to very first Formula E race in Beijing, 2014, the team entered the all-electric series after seven years competing in IndyCar. Founded by Jay Penske in 2007, DRAGON / PENSKE AUTOSPORT is headquartered in Los Angeles, California – the largest single metropolitan EV (electric vehicle) market in the world – with additional operations at Silverstone in the UK. 

Getting off to a strong start, the team finished runners-up to Renault e.dams in the inaugural season before dropping to fourth the following year. For the third season of Formula E (2016/17) the team partnered up with Californian electric car maker Faraday Future to become Faraday Future Dragon Racing. Despite the new partnership, the team finished eighth, scoring just 41 points over the course of the season. Parting ways with Faraday Future for the 2017/18 season, the team rebranded back to Dragon. With Jose “Pechito” Maria Lopez and Jerome d'Ambrosio behind the wheel, the team finished a tough season second from the bottom.

For the 2018/19 season, the team partnered with Italian fashion house Geox to be called the GEOX Dragon team. The newly branded outfit paired frontman Jose-Maria Lopez with rookie Maximilian Gunther as they challenged for the title in the fifth season behind the wheel of the new Gen2 Penske EV-3. In the most challenging season to date, the team finished its fifth campaign tenth in the team standings without a podium finish. 

For GEOX Dragon's sixth season in the series, the team signed former World Endurance Car Champion Brendon Hartley and former Audi Sport ABT Schaeffler test and reserve driver Nico Muller. After completing the first five rounds of the season, Hartley and the team decided to part ways, with test and reserve driver Sergio Sette Camara his replacement.

The team will run under the DRAGON / PENSKE AUTOSPORT banner in Season 7 with Sette Camara and Mueller making their return.