Audi and Porsche will engage in F1-CEO of Volkswagen | Photo credits: © 2013. AUDI AG.
BERLIN, May 2 (Reuters) – Audi and Porsche, Volkswagen’s premium brands, have decided to commit to Formula 1, Volkswagen chairman Herbert Diess said on Monday.
The negotiation by the two brands of partnerships allowing them to participate in the most prestigious automobile competition had been the subject of speculation for several months.
Speaking on YouTube, Diess said Porsche’s preparations were a bit more advanced.
The German manufacturer, which has never competed in Formula 1 but has worked with Red Bull in the World Rally Championship, has not announced how it intends to get into competition.
Audi is ready to offer around 500 million euros ($556.30 million) for British luxury sports car maker McLaren to join F1, a source told Reuters in March, while Porsche has l intend to establish a long-term partnership with the Red Bull racing team in several years.
The move comes as Volkswagen prepares for a possible listing of Porsche, due in the fourth quarter of this year, although sources have said Formula 1 entry is unlikely to come for several years. (Report by Jan Schwartz; French version Federica Mileo, edited by Jean-Michel Bélot)