Audi, Porsche Plan To Enter Formula One: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

May 2, 2022 6:50 AM | 1 min read |

Volkswagen AG VWAGY owned luxury car brands Audi and Porsche are planning to join Formula One, Reuters reported.
The report noted that the German carmaker, which has not previously been involved with Formula One but has worked with Red Bull in the world rally championship, did not announce how it planned to enter the sport.
Audi is ready to offer around €500 million ($556.30 million) for British luxury sports carmaker McLaren as a means to enter, Reuters reported, while Porsche is planning to enter a long-term partnership with the racing team Red Bull.
The report quoted Volkswagen Chief Executive Herbert Diess saying Porsche's preparations were a little more concrete.
Price Action: VWAGY shares closed lower by 2.18% at $21.58 on Friday.
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