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Hyperdrive

Porsche Nears Agreement to Join Formula 1, VW CEO Says

  • Sister brand Audi still in early stages of mapping out entry
  • F1 is strongest lever to boost brands, gain pricing power
Herbert Diess at the World Economic Forum in Davos, on Jan. 24, 2020.
Herbert Diess at the World Economic Forum in Davos, on Jan. 24, 2020.Photographer: Simon Dawson/Bloomberg
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Volkswagen AG’s sports-car brand Porsche is close to a deal to enter Formula 1 while Audi’s separate push is less advanced for now. 

Porsche’s plans are “quite concrete,” VW Chief Executive Officer Herbert Diess said Monday during a town hall in Wolfsburg, Germany, with local residents. While Diess didn’t provide further details, the maker of the 911 sports car has reportedly been in talks with Red Bull Racing about a partnership.