Business: VW CEO says Audi and Porsche have decided to join Formula 1

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, while Porsche intends to establish a long-term partnership with racing team Red Bull starting in several years’ time.

Volkswagen’s premium brands Audi and Porsche have chosen to join Formula One, Volkswagen Chief Executive Herbert Diess said on Monday. There has been speculation for quite some time that the two brands were in discussion over partnerships to enter the most elevated class of international motor racing. Diess, talking on YouTube, said that Porsche’s preparations were somewhat more concrete. The German carmaker, which has not recently been involved with Formula One yet has worked with Red Bull in the world rally championship, didn’t report how it planned on entering the sport.

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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.

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