Audi and Porsche have recently confirmed their plans to join the Formula 1 grid after a long period of speculation in the paddock. Volkswagen Group CEO Herbert Diess made the announcement, revealing that both of the company’s brands are hoping to compete in the world’s most prestigious motorsport event.
According to Diess, discussions about joining the sport sparked heated debate among the board of directors, but it was ultimately decided that joining Formula 1 would bring in more money than not.
While specific details about how the group will enter Formula 1 have not been revealed, Audi is reportedly ready to offer last year’s fourth-place team McLaren $556.3 million USD, while Porsche is expected to form a long-term partnership with reigning world champion Max Verstappen’s Red Bull Racing team in the coming years.
Stay tuned as more details surface in the coming weeks.
