Sometime in the next two weeks, the Volkswagen Group could possibly give the green light to Porsche and Audi to enter Formula One, Business Insider reports. Called “Project Speed,” the entrance could happen as soon as 2026.
Project Speed details are sparse, but ESPN added the following:
Audi and Porsche owner Volkswagen is likely to give the green light for the two brands to make their entry into motor racing’s Formula One at a meeting next week, two sources familiar with the matter said on Thursday.
“We will hopefully be able to communicate our intention to enter into Formula One then,” one of the sources said, with the second adding there was a “good chance” of a positive decision.
Volkswagen declined to comment. The news was first reported by Business Insider.
Rumors about Porsche and Audi’s entrance into the sport have been circulating for quite some time, but this report from BI finally gives a little more credence to those conversations.
As it currently stands, Porsche and Audi are likely to partner with an existing team rather than create their own in-house efforts right from the start. Particularly, Audi and McLaren have been said to be in advanced talks with one another, and ESPN expects a formal deal to be announced this year. Meanwhile, Porsche has had eyes on the Red Bull Racing team. Exact terms of the deals aren’t yet clear, but it’s estimated that a partnership will run in the hundreds of millions of dollars.
Volkswagen’s entrance to F1 is said to imply that it’s interested in pursuing the development of synthetic fuels like those F1 is going to introduce in the near future. And it would undoubtedly be a great thing for the sport overall, which is currently in something of a renaissance period of growth around the world.