Renault has confirmed they will stay in Formula 1 post-2020 despite announcing huge job cuts on Friday.
Fresh uncertainty had been cast over the French manufacturer’s future due to the financial impact of the coronavirus, with the company forced to make savings of $2.2bn over the next three years.
There was even speculation this week in Italian media that Russian billionaire Dmitry Mazepin was considering an investment or purchase of the Enstone-based outfit.
However, at the same time as declaring 15,000 jobs will be lost, around 10 per cent of the workforce, interim CEO Clotilde Delbos has reaffirmed her commitment to the F1 project.
“We confirm that we intend to stay in Formula 1,” she told a conference call on Friday.
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The basis for this decision is the cost-saving measures the sport has agreed including a new $145m budget cap from 2021, which will reduce to $135m by 2023, and confidence that Renault can capitalise on new technical regs coming in 2022.
From next year, the manufacturer will also standalone without any customers as McLaren switch to Mercedes engines.
The next big question though, is who Renault will choose to replace the McLaren-bound Daniel Ricciardo, with Sebastian Vettel, Fernando Alonso and even Valtteri Bottas all linked to the seat alongside Esteban Ocon.