Renault CEO Clotilde Delbos, last Friday, stated online that they will stay in the sport and are not planning to exit. Delbos also added that the new change in the rules approved by the FIA and Formula OneÂ will be beneficial for the team.
AÂ cost cap has now been agreedÂ by the teams and the sport’s governing body, but after Wednesday’s new vote, the cap for 2021 will be lowered from the original figure of $175 million per year to $145 million, with further reductions in the following years.
“The aim is to deliver a more competitive championship that features a more level playing field, while ensuring the drive for creating unique and boundary-breaking technology and engineering remains,” F1 says.
Delbos was quoted by the Formula One website as saying, “We have said publicly, and we confirm, that we intend to stay in Formula 1. Actually the news about new regulations, a new cap in terms of investment, is very good for us because we had less investment in this area than some of our competitors, who were spending a lot of money. So F1, weâ€™re here and weâ€™ll stay.â€
Renault’s parent company recently announced as many asÂ 15,000 job cuts worldwide as part of a 2 billion-euro cost-cutting plan over three years. Renault said on Friday that nearly 4,600 jobs will be cut in France in addition to more than 10,000 in the rest of the world.
Jean-Dominique Senard, chairman of the board of directors of Renault, said, â€œthe planned changes are fundamental to ensure the sustainability of the company and its development over the long term.â€
The group, which employs 180,000 workers worldwide, announced the suspension of planned capacity increase projects in Morocco and Romania.
The aim is to cut costs and level the playing field. â€œWill it level the playing field over the course of a season? Probably not. But over the course of a few seasons, itâ€™s very unlikely you will not see a closing of the grid,”Â said F1 Head of Aerodynamics Jason Somerville, who has been part of the team shaping the new Technical Regulations.
After the announcement, Renault had released a statement, which read that the team “welcomes the adoption of the new regulations by the FIA World Motor Sport Council, which constitute responsible and appropriate responses to the short and long term challenges of Formula 1.Â These decisions, supported unanimously by teams with very differing strategies, honour the remarkable work of the FIA and Formula 1 and will strengthen the discipline in the long term.”
Renault who have a young driver academy will continue to pursue glory in the elite motorsport series and therefore continue to support its young drivers from their first open wheels to the Formula 1 grid._
This long term commitment not only comes as a relief for the F1 group and the sports organisers but also to the employees in both France and the UK amidst all of global uncertainty.
As motorsport returns behind closed doors, we will now be able to get the wheels underway on the 2020 season and the academy drivers can continue their driving aspirations to reach Formula 1. The French team will be hoping to see both F2’s Guanyu Zhou and Christian Lundgaard make an impression this year as they weigh up options for what remains a vacancy 2021 F1 seat._
For the 2020 season the team will have a new driver in Esteban Ocon, so do they go with youth or experience to accompany him in 2021?
From the experienced pool, they could go back to Nico HÃ¼lkenberg? A solid hand in Valtteri Bottas? Break the bank for the headlines with four-time F1 champion Sebastian Vettel? Or even, a reported move for double world champion Fernando Alonso.
Lundgaard spoke to Danish BT newspaper recently and believes Daniel RicciardoÂ leaving theÂ Renault could offer him the best chance of a promotion onto the Formula 1 grid.
â€œRenault expects me to be ready if the opportunity presents itself. Fortunately, I am quick to learn and good at adapting to new surroundings.â€Â The Dane is a rookie this year and would need some impressive performances to cement any role.