Porsche advances plans to enter Formula 1 with Red Bull

Word of a possible Porsche entry to Formula 1 has been percolating for years. Porsche executives teased a possible entry as far back as 2010. The decision to join was confirmed in April, when VW Group’s supervisory board approved plans for Porsche and Audi’s potential entry to F1.

In May, Volkswagen Group CEO Herbert Diess said Porsche had already started developing a F1 engine. Diess will be replaced as VW Group CEO by Blume on Sept. 1….