Carlos Ghosn, chairman and CEO, Renault has announced that Renault will return to Formula 1 with its own team for 2016 season. The 12-time Constructors’ Champion with nearly 40 years in the sport, has a great legacy in the sport, and plans to play an active role in the sport’s development.
“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.
The company believes that it will take maximum benefit from its victories, rather than just being an engine supplier. The company announced the signing of a Letter of Intent with Lotus in September, and has now announced that the acquisition of the team will take place in the shortest timeframe possible.
“The principal contracts were signed on December 3, 2015. 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” the company said in a statement.
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.
Formula 1 attracts 450 million television viewers annually, and Renault thinks that it will help promote awareness of its brand and image in all its markets across the world.
Renault will provide more detailed information about its F1 programme in January, ahead of the 2016 championship that begins next March.