Martin Winterkorn has dealt a blow to those hoping a Volkswagen brand will enter F1 in the near future.
Persistent speculation has linked Audi and Porsche, who both already compete at Le Mans, with a potential formula one foray.
But Winterkorn, chairman of the parent VW Group, said of F1: "This is not particularly interesting for us at the moment."
Also referring to the lacklustre Austrian grand prix, he told Bild am Sonntag newspaper: "The excitement is lacking."
Winterkorn said he is happy if the two VW-owned brands instead go head-to-head at Le Mans, insisting: "Competition within a group does no harm."
And endurance racing for Porsche and Audi means "They can impressively demonstrate how reliable their cars are".