Audi has reaffirmed its commitment to Formula 1 amidst financial challenges at Volkswagen Group, emphasizing that its partnership with Qatar Investment Authority is part of a long-term business strategy. Gernot Dollner, Audi’s CEO, highlighted that the investment would enhance competitiveness and drive Audi’s transformation, with funding aimed at fast-tracking success for the Sauber team.
Audi has reiterated its unwavering commitment to its Formula 1 project, despite the recent financial difficulties encountered by its parent company, the Volkswagen Group. Gernot Dollner, the CEO of Audi, clarified that the program remains integral to Audi’s transformation and future growth. Audi announced its collaboration with the Qatar Investment Authority (QIA) to acquire a minority stake in its F1 team, viewed as a strategic move started over a year ago, independent of the current financial challenges faced by Volkswagen.
Dollner emphasized that a solid business plan is in place to ensure that investment in Formula 1 continues. He remarked, “We have a business plan, and it’s a business for us. This F1 project is an integral part of the transformation story of Audi.” Despite the challenges and extensive cost-cutting measures at the Volkswagen Group, which include factory closures and significant staff layoffs, Audi’s F1 ambitions are reportedly unaffected. Dollner assured that the partnership with QIA would only enhance Audi’s capability to compete in F1 by rapidly increasing investment in its Sauber team.
Although the precise financial details of the QIA’s involvement remain undisclosed, estimates suggest that they may acquire around a 30% stake in the team for roughly $350 million. This investment is expected to bolster Audi’s competitiveness in Formula 1. COO Mattia Binotto indicated that the funds would be directed towards elevating the team’s performance, stating, “It is whatever is needed to bring the team to become a winning team.”
The context of Audi’s situation must be understood against the backdrop of the financial instability within the Volkswagen Group. Recently, the group announced drastic measures to reduce costs, including factory closures and layoffs, raising concerns about the viability of ongoing projects, including their investment in Formula 1. However, Audi’s leadership insists that their dedication to the sport, exemplified by the alliance with the Qatar Investment Authority, is a strategic long-term commitment that remains unaffected by the parent company’s difficulties.
In conclusion, Audi’s intention to persist with its Formula 1 project is unwavering, as articulated by CEO Gernot Dollner. The strategic partnership with the Qatar Investment Authority signifies a proactive approach to ensuring financial stability and competitive performance within the sport, regardless of the financial challenges faced by Volkswagen Group. This commitment could ultimately strengthen Audi’s position in Formula 1, signaling a robust future for its racing aspirations.
Original Source: www.autosport.com
