Renault has officially announced that it will return to Formula 1 in 2016 as a constructor. This ends weeks of speculation that proved to be a major talking point during the 2015 F1 season. The French automaker will take over the Lotus F1 team effectively returning to the same position it was before selling out to Lotus at the end of 2011.
The team had announced in September the signing of a Letter of Intent with Lotus. This was followed by teams at Renault evaluating 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.
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.
The company has said that work is currently under way on finalising the terms of the acquisition of the Lotus F1 Team in the shortest timeframe possible. The principal contracts were signed on December 3. 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.
Commenting on the development, Carlos Ghosn, Chairman and CEO, Renault said “We 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.”
The automaker will provide full details of the new deal in January 2016 before joining the grid for the 2016 F1 season.
