Renault confirmed: the team will remain in Formula 1

Renault confirmed: the team will remain in Formula 1

May 30, 2020 0 By autotimesnews

On Friday, Renault presented a large-scale plan to reduce costs – in the next three years, the French automaker intends to save more than two billion euros.

The plan provides for the reduction of almost 15 thousand jobs around the world, the closure of factories and a decrease in the production of cars from 4 million units in 2019 to 3.3 million units in 2024.

Despite the reduction in costs, the interim acting head of the concern, Clotilda Delbo, confirmed that the Renault factory team will continue to perform in Formula 1. Not least, budget cuts and the new technical regulations played a role in this decision.

“We confirm that we remain in Formula 1,” Delbo said. “We invested less in the team compared to our rivals, who spent huge amounts of money, but now the championship has new regulations and new budget restrictions, so we remain in Formula 1.”