Renault to make F1 return with own team in 2016

Saturday, October 29th, 2016 - autos, cars, motoring, news

Source : Renault to make F1 return with own team in 2016

Renault-Nissan boss Carlos Ghosn confirms which the French brand will return to F1 in 2016 as a constructor following its acquisition of the Lotus team


Renault will return to Formula 1 in 2016 with its own team, following its full acquisition of the Lotus team in a deal said to be worth around €111 million (about £80 million).

Having signed a letter of intent to potentially acquire the Lotus F1 team back in September, the French brand has currently confirmed the item will compete with its own team during the 2016 season. The deal was reportedly finalised at last weekend’s Abu Dhabi Grand Prix, when F1 boss Bernie Ecclestone met with Renault Sport president Jerome Stoll. A statement coming from the company says which particular attention has been paid to competing “in a financially sound way.”

Announcing the firm’s return to F1, Renault-Nissan boss Carlos Ghosn said: “Renault had two options: to come back at 100% or leave. After a detailed study, I have decided which Renault will be in Formula 1, starting 2016. The final details supplied by F1’s main stakeholders gave us the confidence to accept This particular brand new challenge. Our ambition can be to win – even if the item will take some time.”

Renault admits which the payback given to the brand as an engine supplier has been “limited”, in addition to which “the return on investment necessitatated by the brand new engine regulations in addition to the return in terms of image were low.” Renault announced earlier This particular year which the item could cease supplying engines to teams as of the end of This particular season, in addition to could either look to enter the sport fully or walk away coming from F1. Renault currently returns as a constructor for the very first time since 2011.

Work will currently continue on the logistics of taking over the Lotus F1 team, yet Renault says the item wants the acquisition to be completed ‘as quickly as possible’. The firm says its return to F1 “can be confirmation which the item sees motorsport as an essential part of the brand’s identity. Formula 1 can be the ultimate symbol of the passion for automobiles.”

the item’s understood which Renault will also use F1 as a technology showcase. The brand can be already promising which technology used in its F1 campaign will filter down into its road cars, saying: “the item simultaneously allows Renault to build bridges between the advanced technologies seen within the globe championship in addition to its road cars, particularly within the fields of electric in addition to hybrid vehicles.”

Investment within the Renaultsport division can be also being stepped up, with Renault promising the sub-brand will be “active on every continent in addition to in even more segments with vehicles which meet the needs of their different markets.”

Renault includes a long-standing relationship with the Lotus F1 team, in addition to helped the team to acheive world championship victories in 2005 in addition to 2006.

More details on Renault’s return to F1 – including details of its racing programme – will be revealed in January before the brand new F1 season begins next March. the item can be understood which the firm has commited to remaining in F1 for nine years, through to the end of the 2024 season. Autosport reports Renault has received an advance payment for its first six years of activity, as well as retaining all historical rights.

by via Autocar RSS Feed

Source: Renault to make F1 return with own team in 2016

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