Saturday, 18 May, 2024

Audi, Porsche decide to join Formula One



Earlier, there had been speculation that Audi and Porsche were in negotiation over partnerships to enter the highest class of international motor racing.

The decision comes as Volkswagen prepares for a possible listing of Porsche AG planned for the fourth quarter of this year.
The decision comes as Volkswagen prepares for a possible listing of Porsche AG planned for the fourth quarter of this year. (AP)

Volkswagen's premiumbrands Audi and Porsche have decided to join Formula One,Volkswagen Chief Executive Herbert Diess said.

Diess, speaking on YouTube on Monday, said that Porsche's preparationswere a little more concrete.

The German carmaker, which has not previously been involvedwith Formula One but has worked with Red Bull in the world rallychampionship, did not announce how it planned on entering thesport.

Audi is ready to offer around 500 million euros ($556.30million) for British luxury sports carmaker McLaren as a meansto enter, a source told Reuters in March.

Porsche intendsto establish a long-term partnership with racing team Red Bullstarting in several years' time.

READ MORE:Hamilton: There is still time to turn F1 season around

The decision comes as Volkswagen prepares for a possible listing of Porsche AG planned for the fourth quarter of this year.

Sources have said the entry into Formula One racing would only be likely to happen in a few years' time.

There has been speculation for several months that the two brands were in negotiation over partnerships to enter the highest class of international motor racing.

READ MORE:Hamilton extends contract with 'incredible' Mercedes until 2023

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