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Audi, Porsche to join Formula one, says Volkswagen CEO

The VW Group CEO said that F1’s emphasis on sustainability, growth in the United States and Asia, and increasing popularity among younger viewers are reasons why it is so appealing now.

Ritesh Pathak Author

Updated - 2 May 2022 6:31 pm

Highlights
  • Of the two brands, Porsche's preparations to join the sport look more concrete, said Diess.
  • Audi is ready to offer around 500 million euros ($556.30 million) for British luxury sports carmaker McLaren as a means to enter. Meanwhile, Porsche intends to establish a long-term partnership with racing team Red Bull.

The latest development coming in has hinted at two new car manufacturer companies joining Formula One. Volkswagen’s premium brands Audi and Porsche are planning on joining Formula One, the company’s CEO Herbert Diess said on Monday. After several months of negotiation, the two brands look set to enter the highest class of international motor racing.

Of the two brands, Porsche’s preparations to join the sport look more concrete, said Diess, speaking on YouTube. However, there has been no official announcement made by either of the brands yet. A few reports have claimed that both the brads can join Formula One in 2026. However, last month a meeting of the VW Group’s supervisory board concluded without a final decision on whether Porsche and Audi would commit to an F1 project in 2026.

Diess also reasoned why the two brands are interested in joining the motor racing sport. The VW Group CEO said that F1’s emphasis on sustainability, growth in the United States and Asia, and increasing popularity among younger viewers are reasons why it is so appealing now.

Audi looking at McLaren as means to enter

As per a report by news agency Reuters, Audi is ready to offer around 500 million euros ($556.30 million) for British luxury sports carmaker McLaren as a means to enter. Meanwhile, Porsche intends to establish a long-term partnership with racing team Red Bull starting in several years’ time.

The decision comes as Volkswagen prepares for a possible listing of Porsche AG planned for the fourth quarter of this year, though sources have said the entry into Formula One racing would only be likely to happen in a few years’ time.

Notably, Porsche has earlier been associated with Red Bull as it last competed as an engine supplier with the disastrous Footwork project in 1991. Now after 31 years, Porsche can once again shake hands with Red Bull as their engine supplier Honda are expected to leave the sport after the current hybrid engine era citing climate change concerns.

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