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Germany's Audi rules out entry into Formula One racing

Germany`s Audi has no plans to enter Formula One, the company said on Monday, seeking to end speculation that the sportscar maker was tempted to broaden its commitment to motor racing.

Ferrari head Montezemolo leaves top job

The top job at Ferrari, a high-profile name in Formula One car racing, will be taken over by the head of parent group Fiat, Sergio Marchionne, Fiat said in a statement.