Porsche and VW rule out entering Formula 1
The automotive group Porsche, the majority shareholder in the German Volkswagen, has ruled out a short-term entry into Formula 1 today, which is considered the pinnacle of motorsports. The group indeed believes that the excessively high costs as well as the sex scandal involving Mosley have significantly reduced the appeal of this sport. « 300 […]
The automotive group Porsche, the majority shareholder in the German Volkswagen, has ruled out a short-term entry into Formula 1 today, which is considered the pinnacle of motorsports.
The group indeed believes that the excessively high costs as well as the sex scandal involving Mosley have significantly reduced the appeal of this sport.
« 300 million euros per year – it’s just money that goes up in smoke… », said Volkswagen’s president, the leading European brand: Ferdinand Piech.
In an interview with the German magazine Stern, director Wolfgang Porsche added: « Moreover, since the sex scandal involving Mosley and prostitutes, I do not think it is the right time to get involved in Formula 1. »
The group, of German origin, has long been considered a potential entrant in the Formula 1 World Championship. It would indeed compete with the two brands currently present, BMW and Mercedes (via McLaren, 40% owned by the star-branded company).
