Back in September 2015, Renault announced the signing of a letter of intent with Lotus regarding the potential acquisition of a controlling stake in the British team. Three months have passed and the French company confirmed it will indeed return to Formula One as a constructor.
Renault said its takeover of Lotus had not yet been completed, but will be done "in the shortest time frame possible". More details about the brand’s new F1 program will be provided in January 2016, ahead of the 2016 season that begins next March.
"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 CEO of Renault.
The manufacturer returns to Formula One as a constructor after a five-year hiatus. Renault sold the team to investment group Genii Capital in 2010, but continued as an engine supplier. The team was renamed Team Lotus and used Renault engines. Red Bull, another team that bought Renault power units, won the constructors’ championship four years in a row between 2010 and 2013. Renault’s domination as a supplier came to an end in 2014.
In 2016, Renault F1 cars will be driven by Pastor Maldonado and Jolyon Palmer, both having piloted for Lotus in 2015 as main and reserve drivers, respectively.
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