Auto

VW board backs Audi and Porsche plans to join Formula One

McLaren Racing CEO Zak Brown said at the time that the F1 team was “definitely not for sale” and not looking for further equity partners, but that “very preliminary” conversations had taken place with VW.

A final decision on whether to take part in F1 has not yet been taken, Audi said, adding that it would hinge on the racing competition becoming more sustainable.

Porsche CEO Oliver Blume said last month the brand was considering an entry into F1.

Dominated in recent years by Mercedes-Benz, F1 has outlined plans to become carbon neutral by the end of the decade, which would align the sport more closely with VW’s own climate goals.

The decision comes as VW prepares for a possible listing of its Porsche AG autos business planned for the fourth quarter of this year, though sources said the entry into F1 racing would likely only happen in a few years time.

VW Group is also grappling with the impact of the war in Ukraine on its finances, which top VW shareholder Porsche SE said in March could also affect the timing of a Porsche AG listing.

Reuters contributed to this report

Share this news on your Fb,Twitter and Whatsapp

File source

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button