Renault to evaluate F1 future as part of company review

Renault will evaluate its future in Formula 1 as part of a “deep” review into the wider company’s strategy moving forward.

Renault has undergone a number of changes internally through 2019 after former CEO Carlos Ghosn was arrested in Japan last December over financial misconduct.

The manufacturer’s chief financial officer, Clotilde Delbos, has been serving as interim CEO since the exit of Thierry Bollore, who was removed as CEO in a boardroom coup earlier this month.

Delbos confirmed in an address to employees earlier this week that Renault would be reviewing its six-year ‘Drive the Future’ plan in a bid to put the company “back on track”, as quoted by Bloomberg.

Expanding on plans for the company in a conference call to discuss Renault’s Q3 results, Delbos said that while F1 and the Alpine brand were not specifically being targeted for review, they would be considered as part of the wider plans to restructure.

“I’m not specifically targeting those two activities. But clearly the review of the ‘Drive the Future’ plan means we put [it] on the table,” Delbos said.

“It’s like a normal process. It’s not a minor review. We’re launching a deep review of the ‘Drive the Future’ plan in order to take into account the new context of the market, the change in usage, mobility etc, and the current situation of the group.

“Everything can be on the table at some point. This is a deep review of our strategy and plan.”

Renault is currently committed to F1 until the end of the 2020 season, and is set to be without any customer teams from 2021 after McLaren signed a multi-year deal with Mercedes.

Renault F1 chief Cyril Abiteboul said last month that the loss of McLaren would have no impact on the brand’s future in the sport.

“We will remain in Formula 1 providing it continues to make sense for Renault as a business, from a marketing strategy perspective and also based on the evolution of the sport,” Abiteboul said.

“There is the important milestone for 2021 at the end of October, so no we will continue to monitor that evolution and right now all the indications are pointing in the right direction because it’s all pointing towards an improvement of the business case and value proposition for our team.

“If we are here today we have no particular reason not to be here tomorrow, provided we stick to the principles that have been set out.”