Renault is staying in Formula 1 for now. Amid serious financial problems for the French carmaker, and requesting the French government for a 5 billion euro bailout fund, the CEO Clotilde Delbos on Friday announced that she will save EUR 2 billion by slashing 15,000 jobs.
However, the Enstone and Viry-based works Formula 1 team will continue to race in F1. Renaults presence in Formula 1 is an important part of their marketing plan and of the companies pedigree in racing “We have announced publicly and confirm that we remain committed to Formula 1,” Delbos said.
“The announcement of new regulations on cost limitation is good for us, so we are staying.”