Volkswagen Group CEO, Herbert Diess said Volkswagen’s premium brands, Audi and Porsche, will join Formula 1. The announcement was made on Monday during a livestream called Dialog with Diess, held in German on the VW Group YouTube channel.
According to Diess, talks by the board of directors about the F1 plans had created division, but Porsche and Audi convinced the board that F1 involvement would generate more money for VW. As a result, Diess said Porsche will reduce other racing programs.
“You just run out of arguments,” said Diess, who added that Porsche’s preparations for entering F1 were a little more concrete than Audi’s.
While both brand’s involvement is said to be some years away, Reuters reported in March that Audi is prepared to offer around €500 million (A$742 million) for McLaren to boost its entry into F1, while Porsche wants to partner with Red Bull.