Oxford: Renault have confirmed they will stay in Formula 1 beyond the end of the 2020 season, despite making significant job cuts as a result of the coronavirus pandemic.
The French manufacturer has cut 15,000 jobs as part of a cost-saving plan due to plunging revenues caused by the global pandemic.
Renault interim chief executive Clotilde Delbos confirmed the manufacturer will remain in Formula 1 and that the introduction of a cap on teams' budgets from 2021 had been an important part of their decision-making process.
Delbos said: "We confirm that we intend to stay in F1. We are here and we stay."
Clotilde said the introduction of a cap on teams' budgets from 2021 had been an important part of their decision.
WATCH: Renault to remain in Formula 1 beyond end of this season despite job cuts "The new regulations, new cap in term of investments," she said, "because we had less investment than some of our competitors who are spending a lot of money."
Motorsport's premier class has introduced a sliding-scale budget cap over the next few years as part of a series of changes aimed at levelling the field and disrupting the dominance of defending six-time champions Mercedes and other leading manufacturers Ferrari and Red Bull Racing.
Renault returned to F1 in 2016 and had been climbing progressively up the championship until they slipped one place to fifth last year.
Earlier this month, the team discovered lead driver Daniel Ricciardo was leaving at the end of 2020 to join McLaren.
The Australian was signed on a two-year deal for 2019 and 2020 worth more than $50m and had been emblematic of Renault's ambition to return to title-winning form.
Double world champion Fernando Alonso is considered the favourite to replace Ricciardo after two years away from the sport.
Ferrari driver Sebastian Vettel, who is leaving the Italian team at the end of this season after not being offered a new contract, is another leading candidate.
