Volkswagen's Audi and Porsche divisions to join Formula One

Porsche intends to establish a long-term partnership with racing team Red Bull starting in several years' time. File photo

Volkswagen's premium brands Audi and Porsche will join Formula One after convincing the German car-making group that the move will bring in more money than it will cost, VW chief executive Herbert Diess has said. 

Discussions by the board of directors about the two brands' plans had created some divisions, said Mr Diess at an event in Wolfsburg, where the German carmaker is headquartered.