Within five laps, Ericsson to pass (6)
I believe the answer is:
elapse
'pass' is the definition.
(I've seen this before)
'within five laps ericsson' is the wordplay.
'within' indicates a hidden word.
'ELAPSE' is hidden in the letters of 'five laps ericsson'.
'to' acts as a link.
(Other definitions for elapse that I've seen before include "Go by - pass away" , "Go past" , "run by" , "(Of time) go by" , "Pass away - asleep (anag)" .)