The chief executive of Volkswagen has said that the car manufacturer “does not need” Formula 1 despite confirming that Porsche and Audi will join the grid.
Both brands sit under the Volkswagen umbrella and are set to involve themselves in F1 from 2026.
Herbert Diess, who chairs the board of the Wolfsburg-based automotive giants, has suggested that while F1 is not a priority for his organisation, they recognise the potential for growth as motorsport’s popularity surges.
The 63-year-old confirmed that both Audi and Porsche have begun to develop engines.
“We certainly have other priorities strategically,” Diess said at an event in Wolfsburg.
“It’s not necessarily motorsport, but our cars have to be technically up to date, we have to be able to drive autonomously, we need the software capabilities, we need batteries for our cars. We have enough to do and we don’t really need to do Formula 1.
“But our premium brands say that’s the most important lever to increase the brand value and to be able to take a little bit more for the cars in terms of pricing. And also to…
