It seems as though the rumors were true. Porsche will be exiting the LMP1 class of the FIA World Endurance Championship (WEC) by the end of the 2017 season. By 2019, a Porsche works team will be competing in the all-electric Formula E open-wheel series. Despite the exit, Porsche says that they will continue to maintain involvement in international GT racing via the 911 RSR, which will continue to run the GT Class of WEC.

The decision behind the move into Formula E is part of the automaker's 'Porsche Strategy 2025', which will see the further development of pure GT vehicles and fully electric sport cars. Entering the all-electric series will also further development of their first fully-electric vehicle, the Mission E road car.

Porsche confirms Formula E entry, exits LMP1

“Entering Formula E and achieving success in this category are the logical outcomes of our Mission E. The growing freedom for in-house technology developments makes Formula E attractive to us”, says Michael Steiner, member of the Executive Board for Research and Development at Porsche AG.

Meanwhile, Formula E openly welcomed the entrance of Porsche into the series. Alejandro Agag, Founder & CEO of Formula E said that having Porsche in the series will help change the public's perception regarding electric cars and Formula E as a race series.

As for the LMP1 team, Porsche will be keeping them fully intact including the factory drivers. It is likely that the team working on LMP1 will be the same team heading into Formula E beginning 2019.