PARIS — Renault will stay in Formula One, interim Chief Executive Coltilde Delbos said on Friday after announcing the carmaker’s restructuring measures including plans to cut 15,000 jobs worldwide.
“We confirm that we intend to stay in Formula One,” she told a conference call.
“The new regulations, new cap in term of investments, because we had less investment than some of our competitors who are spending a lot of money, so F1, we are here, and we stay in Formula One.”
Renault’s F1 future had been uncertain given the financial pressures on the French car giant and a slump in demand due to the COVID-19 pandemic.
It had said nothing would be “taboo” as it reviewed its business, with the sport’s commercial ‘Concorde Agreement’ expiring at the end of the year. Renault finished fifth overall last season.