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Bloomberg
Audi is exploring deals with British sports car-maker McLaren Group as the German manufacturer looks for ways
to enter Formula 1 racing
and promote its electric-car technology.
The manufacturer plans to study the financials of McLaren in the coming weeks to help decide on potential transactions, according to people familiar with the matter. Volkswagen AG’s premium brand previously floated the idea of acquiring McLaren as a way to gain access to the Formula 1 business, but McLaren deemed the offer as too low, one of the people said.
Audi’s supervisory board reviewed options as part of the plan to enter F1, the people said, which is led by Chief Executive Officer and long-standing racing fan Markus Duesmann.
Audi is pursuing the world’s most prestigious racing series to showcase electric vehicle technology as Formula 1 moves to become more sustainable, the people said.
A tie-up may face hurdles chiming with Volkswagen’s broader strategy to reduce complexity for Europe’s biggest carmaker, whose attempt at challenging Tesla Inc. is facing stiff competition amid a slew of EV models.