Renault has announced that they will be on the F1 grid next season after agreeing a takeover of Lotus. The recent announcement ends months of speculation regarding the future of Renault and Lotus in the motorsport.
“Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. 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 takesome time,” said Carlos Ghosn, Chairman and CEO, Renault.
A statement released by Renault says as a full team, the company will take maximum benefit from its victories. 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.
Renault also mentioned that work continues on finalising the terms of the acquisition of the Lotus F1 Team in the shortest timeframe possible. The principal contracts were signed on 3 December, 2015.
The Lotus F1 Team effectively stands out as the best partner as both; Renault and Lotus F1 have known each other for 15 years and were world champions together in 2005 and 2006.
The French automaker 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.
Renault’s decision to continue its involvement in Formula 1 is confirmation that it sees motorsport as an essential part of the company’s identity. It also serves to promote awareness of the Renault brand and its image in all its markets across the world.
On top of that, Formula 1 is one of the sports that enjoys the most media coverage worldwide thanks to a following on five continents, particularly in emerging markets. It attracts 450 million television viewers annually and its scope for growth is enormous thanks to opportunities founded on new technologies, social networks, video games, etc. that have yet to be fully exploited.
Source: Renault
