French car manufacturer Renault has confirmed its return as a constructor in Formula One, buying the current Enstone-based Lotus F1 Team. The new follows the company's earlier published intention to take over the Lotus F1 team.
Following the September announcement of the signing of a Letter of Intent with Lotus, teams at Renault continued to evaluate the possibility of a return to Formula 1. Particular attention was paid to competing successfully with its own team in a financially sound way starting in 2016.
“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 take some time,” said Carlos Ghosn, Chairman and CEO, Renault.
As a full team, Renault 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.
Work continues on finalizing the terms of the acquisition of the Lotus F1 Team in the shortest timeframe possible while the principal contracts were signed on December 3, 2015. 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.
Renault’s decision to continue its involvement in Formula 1 is confirmation that it sees motorsport as an essential part of the brand’s identity. Formula 1 is the ultimate symbol of the passion for automobiles. Passion defines Renault as expressed by its brand signature, ‘Passion for Life’. In addition to attracting many customers, Formula 1 also fuels employee motivation. As the pinnacle of motor sport, Formula 1 demands technological and operational excellence. The championship serves as a showcase for the technological expertise that Renault dials into its products for the benefit of its customers.