Thursday December 7, 2023

Porsche Still Interested in F1 After Red Bull Deal Breaks Down

  • Porsche is no longer in talks to purchase half of Red Bull Technology.
  • The car company is still interested in entering Formula 1.
Porsche
Scott Ash / Imagn
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Porsche will not be entering Formula 1 with Red Bull after all.

Porsche was expected to purchase 50% of Red Bull’s F1 team and 50% of Powertrains, Red Bull’s new power unit manufacturer, according to a Financial Times report — but the pair weren’t able to come to an agreement.

“The premise was always that a partnership would be based on equal footing, which would include not only an engine partnership but also the team,” Porsche’s statement reads. “This could not be achieved.”

Red Bull’s investors reportedly weren’t willing to sell a stake in the team.

  • Bloomberg reported in July that Porsche and Red Bull couldn’t decide how much technology would be provided to Oracle Red Bull Racing compared to sister team AlphaTauri.
  • The sides were also in conflict over the power to name drivers for a joint race team.

But Porsche isn’t ready to call it quits with Formula 1.

“The racing series nevertheless remains an attractive environment for Porsche,” the statement reads.

The news comes shortly after Audi — which shares parent company Volkswagen with Porsche — announced plans to join F1 in 2026 as a power unit instructor.

Porsche’s Public Plans

Volkswagen announced plans earlier this month to take Porsche public through an IPO that could value the brand between $59.4 billion and $84.2 billion.

Volkswagen would offer 12.5% of Porsche, which has the potential to raise more than $10 billion.

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