BERLIN: The Chief Executive Officer (CEO) of Volkswagen Herbert Diess has claimed that the company’s two premium brands – Audi and Porsche – have decided to join Formula One.

Diess, in an interview on YouTube, revealed the plans of two brands to join Formula One.

For months, there have been rumours that the two brands were in talks about forming a collaboration to compete at the top level of international motor racing. But Diess, however, has now approved the speculations with his revelations.

The German carmaking company, which has previously collaborated with Red Bull in the world rally championship but not in Formula One, did not say how it planned to enter the sport.

Audi has decided to launch a bid of roughly 500 million euros ($556.30 million) for McLaren, a British luxury sports car manufacturer, while Porsche plans to form a long-term collaboration with racing team Red Bull in the coming years.

It is pertinent to mention here that their entry into Formula One racing would likely take a few years.

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