Renault Announces Return to Formula 1 in 2016

"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, Renault.

Also Read: 2016 F1 Calendar Announced

Work continues on finalizing the terms of the acquisition of the Lotus F1 team. The principal contracts were signed on December 3, 2015. Renault and Lotus F1 have known each other for 15 years and were world champions together in 2005 and 2006 but now things will change. Renault has had uninterrupted involvement in Formula 1 for almost 40 years. It was in 1977 that it revolutionised the championship with the introduction of turbocharging, a technique that soon became the norm in the sport.

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. According to Renault, "Formula 1 is a means to accelerate development and remain at the forefront of the sport's technological progress. It simultaneously allows Renault to build bridges between the advanced technologies seen in the world championship and its road cars, particularly in the fields of electric and hybrid vehicles."