In an interview, game's art director Hidenobu Takahashi stated that the title of the game came from a Formula One race car.

"To us it means a variety of specialists coming together to challenge themselves with a new design. How can we create something amazing? That’s the single question we ask when we’re developing a game, and we’ll work ourselves to the bone to answer it. It’s the same as an F1 team, where they get specialists from all different fields together to build the fastest car. We’re in the final stages of our work here, so please look forward to Grandia soon!."
Contributed by ProtoSnake