BREAKING: Porsche and Audi have agreed to join Formula One!
Volkswagen's premium brands Audi and Porsche will join Formula One after they convinced the German automaking group that the move will bring in more money than it will cost, VW chief executive Herbert Diess said on Monday.
Discussions by the board of directors about the two brands' plans had created some divisions, Diess said at an event in Wolfsburg, where the German carmaker is headquartered.
But ultimately the brands, which next to VW's China business are the group's most important income suppliers, made the case that they would pull in more money for Wolfsburg with a Formula One commitment than without one, according to Diess.