Audi Jumps Formula Bandwagon To Take On Mercedes-Benz - Volkswagen (OTC:VWAGY), Volkswagen (OTC:VWAPY)

Volkswagen AG's VWAGY VWAPY Audi chose Sauber as a strategic partner for the project and plans to acquire a stake in the Sauber Group.
The partnership will see the traditional Swiss racing team competing as the Audi factory team from 2026 onwards, using the power unit developed by Audi for the pinnacle of motorsport.
VW CEO Herbert Diess said becoming part of F1 was the most critical lever to boost brand value for Audi and Porsche, Bloomberg reports.
VW jumped the F1 bandwagon after the franchise decided to turn carbon neutral by 2030 while using synthetic fuels from 2026, as VW pursued the industry's most significant electrification push.
As of May, Audi was ready to dole €500 million ($556.30 million) for British luxury sports carmaker McLaren as a means to enter, while Porsche planned a long-term partnership with the racing team Red Bull.
The technology change is a unique opportunity to start competing in the franchise ruled by Mercedes-Benz Group AG DMLRY.
With three decades of competitive experience, Sauber is one of the most renowned and traditional teams in Formula 1.
While Audi creates the power unit at Audi's Motorsport Competence Center in Neuburg an der Donau, Sauber will develop and manufacture the race car at its site in Hinwil (Switzerland).
They look to start racing by 2026.
More than 120 employees are working on the project.