Audi and Porsche joins Formula One

Audi, Porsche Officially Joining Formula 1, Herbert Diess Confirms

Plans for Audi and Porsche to join Formula 1 have been approved, Volkswagen CEO Herbert Diess said following the board of directors’ decision on Monday.

Joining F1 will generate more money than it will cost, as Porsche and Audi are two of Volkswagen’s most important revenue streams, according to Diess.

Porsche and Audi, two of Volkswagen’s 12 car companies, would join separate F1 teams.

Porsche intends to partner with Red Bull Racing.
Audi is expected to join McLaren’s racing team.

In March, Audi was reportedly ready to offer around $556.3 million to buy a stake in McLaren’s F1 unit. A month later, the German luxury car brand reportedly raised its offer to $718 million.

Porsche is considering an IPO to fund its move into F1 and development of electric vehicles. An IPO could come as early as Q4 2022.

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