Carlos Ghosn, Chairman and CEO of Renault, has decided that Renault will return to Formula 1 with its own team for 2016 season. Renault, 12-time Constructors’ Champion with nearly 40 years in the sport, is an iconic brand in Formula 1 and intends to play an active role in the sport’s development.
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.
Work continues on finalizing the terms of the acquisition of the Lotus F1 Team in the shortest timeframe possible. The principal contracts were signed on 3 December 2015. The Lotus F1 Team effectively stands out as the best partner for Renault, the company said. 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 introduced 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.