Hyundai have no intention of joining Formula 1, with boss Albert Biermann stating that the sport is far too expensive.

Manor's collapse following the 2016 season has seen the Formula 1 grid dwindle to 20 cars but there is hope of attracting new manufacturers in future.

The likes of Audi have been present at recent engine meetings with a view to potentially joining Formula 1, but Hyundai have no such plans.

"Formula 1 is like burning money," said Biermann. "There are more interesting ways of burning money."

Hyundai, who are in the process of growing their N sub-brand, instead see their future in the Touring Car Racing championship.

"t's essential to have that link to the high emotional racing environment, this is why we initiated the TCR project," Bierman added.

"TCR is developing nicely into a global racing platform and this is exactly what we need, we need that race car out there."