Porsche, Audi to enter Formula One, informs Volkswagen CEO
- As per earlier reports, Audi was ready to offer around 500 million euros ($556.30 million) for British luxury sports carmaker McLaren to enter Formula One.
Volkswagen Chief Executive Officer Herbert Diess announced on Monday that Porsche and Audi are going to join Formula One. Speculations have been going around for months that both Audi and Porsche were in negotiation over partnerships to enter the highest class of international motor racing.
According to a report by Reuters, Porsche has worked with Red Bull in the world rally championship but has not been involved with Formula One. Porsche has not announced how it plans to enter the sport yet. In March, it was reported that Audi was ready to offer around 500 million euros ($556.30 million) for British luxury sports carmaker McLaren to enter Formula One. While on the other hand, Porsche wants to establish a long-term partnership with racing team Red Bull starting in several years' time.
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This move comes after Volkswagen's decision to prepare Porsche AG for a possible listing in the fourth quarter of this year. The report, however, stated sources who said the entry into Formula One racing would only be likely to happen in a few years' time.
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It was reported in March that Volkswagen's decision to let Audi and Porsche join Formula One rested on the latter's plans to switch to synthetic fuels by 2026 and McLaren's progress regarding electrification of its vehicles. Both Audi and Porsche had been in long talks to form partnerships with existing Formula One teams.
The 2023 Las Vegas Grand Pix will be a significant moment for Formula One as for the first time F1 cars will zoom through the streets of the gambling capital of the world.