Renault has confirmed that it will return to Formula One as a works team from 2016, after a successful takeover of the Lotus F1 Team.
Renault initially signed a Letter of Intent to purchase a controlling share in Lotus and on December 3, the two companies signed the principal contracts for the deal to go ahead.
While Renault has been missing from the F1 grid as a works team since 2009, it has remained in the sport as an engine supplier, most notably supplying Red Bull Racing with engines for its four consecutive world championships in 2010, 2011, 2012 and 2013.
Discussing the French marque’s return to the leading open-wheeled racing series, chairman and chief executive of Renault Carlos Ghosn said “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 One, starting in 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 take some time.”
The company says that a key driving force behind its decision to re-enter the Formula One World Championship as a works team is to accelerate the development of its road cars, particularly its future electric and hybrid vehicles.
At this stage, it isn’t known who will drive for Renault. Currently, the Lotus F1 Team consists of Romain Grosjean and Pastor Maldonado but Grosjean will be leaving for the new Haas team for the 2016 season.
PHOTO GALLERY
