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Tuesday, April 16, 2024
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McLaren Denies Reports of Audi Takeover

  • McLaren denied reports that it has been purchased by Audi.
  • Audi-owner Volkswagen may form a partnership to enter Formula 1.
McLaren Racing/Design: Alex Brooks

McLaren denied reports that it had been purchased by Audi but acknowledged ongoing partnership talks.

The report from website Autocar stated that the German automaker was buying McLaren to secure a place in the Formula 1 racing series.

McLaren quickly issued a statement calling the report “wholly inaccurate.”

“McLaren’s technology strategy has always involved ongoing discussions and collaboration with relevant partners and suppliers, including other carmakers, however, there has been no change in the ownership structure of the McLaren Group,” the company wrote.

The company previously collaborated with Mercedes to redesign its engine.

  • McLaren raised $760 million in July. Ares Management and the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, contributed $550 million of that sum.
  • The company raised another $620 million through a bond issue shortly thereafter.

Audi-owner Volkswagen has been in talks with F1 about a potential entry into the racing series, through a partnership between either Audi and McLaren or Porsche and Red Bull.

F1 hopes that its new engine standards — due to rollout in 2025 — will help entice Volkswagen. McLaren plans to enter the off-road electric racing series Extreme E next year.

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