Audi and Porsche will join Formula One

Discussions by the board over the plans of the two brands have created some divisions, Diess said at an event in Wolfsburg, where the German carmaker is headquartered.

But in the end, the brands, which, along with China’s VW business, are the group’s largest revenue providers, have shown that they would bring more money to Wolfsburg with a Formula One commitment than without it, according to him. Diess, quoted by Reuters.

It has been speculated for months that the two brands are negotiating partnerships to enter the most important international car competition, which, for most of the last decade, has been dominated by Volkswagen’s German rival, Mercedes.

Diess said Monday that Porsche’s preparations for entering Formula One are a little more concrete than Audi’s.

Audi is ready to offer around € 500m to British luxury sports car maker McLaren as a means of entry, a source told Reuters in March as Porsche plans to establish a long-term partnership with the racing team. Red Bull for over a few years.

In addition to the economic argument of the brands, it seems that the high advertising impact of Formula 1 was also convincing. Diess said that as a result, Porsche will reduce other racing activities and focus more on this circuit.

The decision comes as Volkswagen prepares for a possible listing of Porsche AG in the fourth quarter of this year, although sources said that the entry into Formula 1 racing would be likely to happen in just a few years.

(source: AFP)

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