Renault says it plans to stay in Formula One despite the French car manufacturer undergoing a major restructuring process that will see 15,000 layoffs worldwide.
The team's future in F1 has become a source of speculation for several months after it failed to meet its on-track goals last year as the wider company faced cost cutting measures. Faced with the financial impact of the coronavirus pandemic, the Renault car company is planning to find $2.2 billion in savings over the next three years, including a 10 percent reduction in its workforce.
However, after announcing Renault's restructuring measures to combat the downturn in the global economy, interim Chief Executive Coltilde Delbos said the company plans to continue with its F1 project.