P1racenews AI automatic summary:
Gernot Döllner, CEO of AUDI AG insists that the Qatar Investment Authority’s purchase of a minority stake in the German marque’s Formula 1 project isn’t related to the Volkswagen Group’s financial crisis.
Arno Antlitz, Volkswagen Group’s Chief Financial Officer, expressed in an interview with the Guardian that Volkswagen Group has a limited time frame of a year or two to reverse its declining sales in Europe and address factory closures risking over 30,000 jobs. Despite speculation about the Qatar Investment Authority’s involvement in the Audi F1 project due to the automotive financial crisis, Audi CEO Döllner clarified that the F1 project is a crucial part of Audi’s transformation strategy and not solely a cost-saving measure. Döllner emphasized the importance of investment for Audi’s future and the necessity of expanding partnerships to strengthen the team. Talks between Audi and QIA regarding a potential $350 million investment in exchange for a 30% stake in the project began approximately a year ago, with the aim to elevate the Sauber team into a competitive force within F1. The appointment of Mattia Binotto as Chief Operating and Chief Technical Officer reflects Audi’s commitment to leveraging additional funding to bridge the gap with leading F1 teams. Döllner indicated the possibility of sharing naming rights with partners in the future, though no decisions have been finalized yet, cementing Audi’s position as the title sponsor for the team.
