Audi, Porsche decide to join Formula One
Fast News
Earlier, there had been speculation that Audi and Porsche were in negotiation over partnerships to enter the highest class of international motor racing.
(AP)
Volkswagen’s premium
brands 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 preparations
were a little more concrete.
The German carmaker, which has not previously been involved
with Formula One but has worked with Red Bull in the world rally
championship, did not announce how it planned on entering the
sport.
Audi is ready to offer around 500 million euros ($556.30
million) for British luxury sports carmaker McLaren as a means
to enter, a source told Reuters in March.
Porsche intends
to establish a long-term partnership with racing team Red Bull
starting 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
Source: Reuters
Fast News
Earlier, there had been speculation that Audi and Porsche were in negotiation over partnerships to enter the highest class of international motor racing.
(AP)
Volkswagen’s premium
brands 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 preparations
were a little more concrete.
The German carmaker, which has not previously been involved
with Formula One but has worked with Red Bull in the world rally
championship, did not announce how it planned on entering the
sport.
Audi is ready to offer around 500 million euros ($556.30
million) for British luxury sports carmaker McLaren as a means
to enter, a source told Reuters in March.
Porsche intends
to establish a long-term partnership with racing team Red Bull
starting 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
Source: Reuters
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