Volkswagen CEO Herbert Diess said the group’s board of directors was convinced that Audi and Porsche’s entry into F1 would bring more money than it cost, and decided to enter F1.
At an event in Wolfsburg, headquartered by a German carmaker, Herbert Diess admitted that the board’s discussions on Audi and Poliche’s plans created some disagreements.
But in the end, he argued that the two brands, which are the group’s most important sources of income after Volkswagen’s Chinese business, would bring more money for Wolfsburg than if they didn’t compete in F1.
“The discussion was exhausted,” said Herbert Diess.
For the past decade, there have been months of speculation that the two brands are negotiating a partnership to enter F1, which has been dominated by Volkswagen’s German rival Mercedes.
Herbert Diess said Porsche’s preparations for F1 were a bit more specific than Audi.
Audi is said to be aiming to acquire an existing team as a means of entering F1, and it was reported that it was ready to provide McLaren with about 500 million euros ($ 556.3 million) in March this year. On the other hand, Porsche is sure to have a partnership with Red Bull Racing.
In addition to the brand’s economic debate, F1’s high effectiveness was clearly convincing. Herbert Diess said that as a result Porsche will reduce other racing activities and focus more on the F1 circuit.
The decision will be made when Volkswagen is preparing for the possibility of listing Porsche AG in the fourth quarter of this year.
Category: Category: F1 / Volkswagen / Audi / Porsche