Having agreed new technical regulations and a budget cap, Renault believes Formula 1's new 2026 engine is the next big challenge.

The controversial current V6 turbo-hybrids will be no more after their regulatory cycle ends in 2025 and already, there have been hints at the direction F1 may go in.

A two-stroke engine with greater emphasis on energy recovery and efficiency has been touted along with the introduction of synthetic fuels, all aimed at making the sport carbon neutral by 2030.

But regardless of the possible engine formula F1 could use, Renault boss Cyril Abiteboul wants a lot of focus to be the financial aspect after the extortionate amounts spent on the current power units.

"There is probably more work to be done on the power unit side," he told Autosport.

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"We've contained the arms race on power unit development a bit by limiting the number of new homologations per year, and by limiting further the number of dyno hours.

"It's good, but it's still bloody expensive to maintain and operate these engines.

"The next step is to have a good look at what can be done in order to make sure that the next generation of power unit is a more economic sell."

In doing that, F1 may also have a better chance of recapturing the attention of carmakers, with Honda the only new supplier since 2014.

"It's not that far away when you think you've got to do a new engine," F1 motorsport boss Ross Brawn said of the timeframe to come up with the 2026 engine rules. 

"You will have to be starting your engine design in 18 months if you want to get one for then.

"So with the FIA and with the manufacturers we're now looking at what the next powertrain should look like, and I think that's the opportunity to get new manufacturers involved, and we need to find a design specification to do that.

"We're looking at what we feel is a relevant powertrain for that period.

"No one is going to invest in the current engine because it's going to finish in that time, and it's a very substantial investment to get up to speed."

As for the type of engine Renault would like to see introduced, Abiteboul admits the growth of electric cars presents a dilemma.

"We see the pace at which electrification is gaining everywhere around the world, and therefore we need to think very hard about what that means for F1, what that means in the context of racing, what that means in the context of some parallel co-existence with Formula E," he explained.

"We need to think about that, as it's the next battlefield, in my opinion.

"I think we'd like to have the big principle of the engine agreed for 2021 or 2022, so that development can start in 2023. That's the sort of macro planning we have in mind."

Brawn also admitted putting forward any concrete ideas was tricky at this time.

"I think for the moment we feel it will retain similar technologies to what we have now," he said.

"There are a number of radical engines on the horizon, but we don't think they are well enough established that in 18 months you can commit yourself to them."