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Seems like naming a product F1 when that's one of the most popular motor sport brands in the world might be slightly a bad idea in terms of trademark / branding?
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One could go either way, but Trademark wise, they're probably considered to be in different markets/domains, and thus have enough of a separation to not actually win that suit.

Think Monster Energy losing all of their suits around other using "Monster".

I don't see a problem. It's not like there are pictures of race cars in their branding or anything else that might confuse a consumer. e.g. the design of the site is about as far from anything motorsport as possible.
Appears to be an attempt to rebrand a cheap phone and sell it for $200? Looks to be a YINGTAI T22 available for $50 on AliExpress. Glorified drop shipping store.