By Jan Schwartz
BERLIN (Reuters) – Premium Volkswagen brands Audi and Porsche will enter Formula 1 after convincing the German automaker it will bring more returns than costs, VW Chief Executive Herbert Diess said on Monday. market.
Board discussions over the two brands’ plans have created some divisions, Diess said at an event in Wolfsburg, the German carmaker’s headquarters.
But the brands that, alongside VW’s China business, are the group’s most important premium suppliers, argued that they would get more money if they entered Formula 1, according to Diess.
There had been speculation for several months that the two brands were negotiating partnerships to enter the upper class of international motorsport, which for much of the last decade has been dominated by rival Mercedes.
Diess said Porsche’s preparations to enter Formula 1 were a little more concrete than Audi’s.
Audi is ready to offer around €500m to British luxury sports car maker McLaren as a means of entry, a source told Reuters in March, as Porsche aims to forge a long-term partnership with the Red team. Bull.
In addition to the economic argument of the brands, the high advertising impact of Formula 1 was also convincing. Diess said that as a result, Porsche will cut back on other racing activities and focus more on this circuit.
The decision comes as Volkswagen prepares for a possible Porsche listing in the fourth quarter, although sources have said that entry into F1 could happen in a few years.
(Reporting by Jan Schwartz)
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