VW official confirms ’no plans’ for F1 foray

A Volkswagen official has apparently confirmed reports that the German auto giant is not going to enter formula one.

The news follows Tuesday’s report in the Frankfurter Allgemeine Zeitung newspaper that said VW chairman Ferdinand Piech had decided against approving a F1 foray with Audi or Porsche branding.

The DPA news agency cites an official at Volkswagen’s Wolfsburg headquarters as responding: "There are no concrete plans for F1."