Renault announces return to Formula 1 in 2016

#hashtags: #Carlos Ghosn #Formula 1

Carlos Ghosn announces his decision for Renault to return to Formula 1 with its own team for the 2016 season, after a six-year absence. Renault said it signed the main contracts for the takeover of the UK-based Lotus Formula 1 team, therefore the path is clear for the French carmaker to return next year in the full spotlights of the most important motor sport competition in the world, after last competing as a constructor in 2009. The company has said that work continues on finalizing the terms of the acquisition of the Lotus F1 Team in the shortest timeframe possible. Following the September announcement of the signing of a Letter of Intent with Lotus, the principal contracts were signed on December 3. Renault and Lotus F1 have known each other for 15 years and were world champions together in 2005 and 2006. “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. Renault has had uninterrupted involvement in Formula 1 for almost 40 years. In 1977, it revolutionized the championship with the introduction of turbocharging, a technique that soon became the norm in the sport. Renault has since taken part in more than 600 grand prix, claiming 168 race wins, 12 Constructors’ titles and 11 Drivers’ crowns.