Porsche and Audi have decided to join Formula One

BERLIN — Volkswagen Group’s premium brands, Audi and Porsche, have decided to join Formula One, VW Group CEO Herbert Diess said.

Audi is ready to offer around 500 million euros ($556.30 million) for British luxury sports carmaker McLaren as a means to enter, a source told Reuters in March, while Porsche intends to establish a long-term partnership with racing team Red Bull starting in several years’ time.

Diess, speaking on YouTube on Monday, said that Porsche’s preparations were a little more concrete.

The decision comes as VW Group prepares for a possible listing of its Porsche car division planned for the fourth quarter of this year, though sources have said the entry into F1 racing would likely happen in a few years’ time.