Luxury car brands ready to enter Formula 1

Formula 1: Luxury car brands set to enter F1 as VOLKSWAGEN, PORSCHE and AUDI open up to enter Formula 1- Volkswagen and its Porsche and Audi brands are open to entry into Formula 1, a Volkswagen spokesman said on Thursday, after months of speculation that the two brands were in talks over partnerships to enter the top class. height of international motor racing. Follow Formula 1 updates on Insidesport.IN

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The German automaker, which has never been involved in Formula 1 but has worked with Red Bull in the World Rally Championship, has not announced how it plans to get into the sport.

Formula 1: Luxury car brands set to enter F1 as VOLKSWAGEN, PORSCHE and AUDI open up to Formula 1

Both brands will provide further details on the details at a later date, the spokesperson said.

A Formula 1 spokesman was not immediately available for comment.

Audi is ready to offer around 500 million euros ($556.30 million) to British luxury sports car maker McLaren as a means of entry, a source told Reuters last week, while Porsche has l intention to establish a long-term partnership with the Red Bull racing team from several years of time.

Formula 1: Luxury car brands set to enter F1 as VOLKSWAGEN, PORSCHE and AUDI open up to Formula 1

McLaren Racing managing director Zak Brown said at the time that the Formula 1 team was “definitely not for sale” and is not looking for other financial partners, but that “very preliminary” conversations had taken place with Volkswagen.

The decision comes as Volkswagen prepares for a possible listing of Porsche AG due in the fourth quarter of this year, although sources have said entry into Formula 1 is likely only to happen in a few years.

The automaker is also grappling with the impact of the war in Ukraine on its finances, which Porsche SE, Volkswagen’s largest shareholder, said could also affect the timing of Porsche AG’s listing.

Formula 1: Luxury car brands set to enter F1 as VOLKSWAGEN, PORSCHE and AUDI open up to Formula 1