Porsche, Audi will join Formula One, says Volkswagen CEO

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Porsche, Audi will join Formula One, says Volkswagen CEO

Chief Executive of Volkswagen AG, the Wolfsburg-based German carmaker, said in a statement earlier this week that the automotive industry giant’s luxury car brands Audi alongside Porsche have received a nod to join the verse of Formula One, as the VW subsidiaries appeared to have convinced the carmaker’s governing body that the approach would draw in more money than what it would cost.

Nonetheless, speaking in an event in Wolfsburg headquarter, VW Chief Diess said that there had been deep divisions among board members on whether two of its premium brands like of Audi and Porsche would join Formula One at a time, while global passenger car sales had slumped to a critically low level with carmakers struggling with an eroding supply chain disruption across the globe.

On top of that, an inflation-burst has smeared across the globe, in particular in the developed and emerging economies, while a significant number of developing economies had tumbled to extreme poverty, adding to hindrances in car sales.

Despite such setbacks, Porsche and Audi had succeeded to build a case that they would be able to bring in more money for VW with a F1 deal without one, suggested Diess.

Audi and Porsche to join Formula One

In the matter of the fact, latest remarks from VW chief comes over the heels of months of speculation that the VW brands were apparently making progress towards an entrance into the F1.

According to Diess, Porsche’s preparation to make a grand entry into the earth’s toughest format of racing, has been more robust than that of Audi’s. Audi has been offering a total of €500 million to cut a partnership deal with McLaren F1 Team, while Porsche has reportedly been mulling a long-standing partnership deal with Red Bulls, media headlines had unveiled later last month citing sources.

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