Renault returns to F1 in 2016

Renault returns to F1 in 2016

Renault will be back in Formula 1 in 2016 after taking over the Lotus F1 team, Renault chief Carlos Ghosn has revealed.

“Renault had two options: to come back at 100% or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016,” Ghosn says.

“The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win–even if it will take some time.”

The decision to come back stems from the fact that Renault believes that it will be better off financially as a standout team rather than as an engine provider

“The payback as an engine supplier proved to be limited. The return on the investment necessitated by the new engine regulations and the return in terms of image were low,” Ghosn adds.

Work continues on finalising the terms of the acquisition of the Lotus F1 Team in the shortest time-frame possible. The principal contracts were signed on December 3, 2015.

The Lotus F1 Team effectively stands out as the best partner. Renault and Lotus F1 have known each other for 15 years and were world champions together in 2005 and 2006.

Renault has had uninterrupted involvement in Formula 1 for almost 40 years. In 1977, it revolutionised the championship with the introduction of turbocharging, a technique that soon became the norm in the sport.

Renault has since taken part in more than 600 grand prix, claiming 168 race wins, 12 Constructors’ titles and 11 Drivers’ crowns.

In January, Renault will provide more detailed information about its F1 program ahead of the 2016 championship that kicks off on March 20 in Melbourne, Australia.

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