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Renault reaffirms F1 commitment despite job losses

Esteban Ocon tests for the Renault F1 Team Renault’s interim CEO has stated that it will stay in Formula 1 despite the announcement that the French marque will cut 15,000 jobs worldwide. Renault is embarking on a cost-cutting drive designed to save two billion Euros (AUD 3.3 billion) over three years, having recorded its first annual loss in over a decade in 2019. It has also been in talks with the French government regarding a five billion Euro loan, amid plummeting sales due to the COVID-19 pandemic. However, it will not be exiting F1, with interim CEO Clotilde Delbos identifying the championship's recently confirmed financial regulation changes as a positive development. “We have...
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