Renault is all set for its return to Formula One in 2016 after its top management determined that it can successfully compete in the sport with the Lotus F1 Team.
“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 chief executive officer at 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 Lotus F1 Team in the shortest timeframe possible. The principal contracts were signed on December 3, 2015. Lotus F1 Team effectively stands out as the best partner. Renault and Lotus F1 Team 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 revolutionized 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 grands prix, claiming 168 race wins, 12 Constructors’ titles and 11 Drivers’ crowns.
Part of brand identity
Renault’s decision to continue its involvement in F1 is confirmation that it sees motor sports as an essential part of the brand’s identity. Formula One 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, F1 1 also fuels employee motivation. As the pinnacle of motor sports, F1 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.
F1 is a means for Renault to accelerate development and remain at the forefront of the sport’s technological progress. It simultaneously allows Renault to build bridges between the advanced technologies seen in the world championship and its road cars, particularly in the fields of electric and hybrid vehicles. Consistent with its commitment to F1, Renault will develop its RS range by stepping up investment in order to be active on every continent and in even more segments with vehicles that meet the needs of their different markets.
F1 serves to promote awareness of the Renault brand and its image in all its markets across the world. It is one of the sports that enjoys the most media coverage worldwide, thanks to a following on five continents, particularly in emerging markets. It attracts 450 million television viewers annually and its scope for growth is enormous, thanks to opportunities founded on new technologies, social networks, video games, among others, that have yet to be fully exploited.
More details about Renault’s F1 program will be released next month.