“We confirm that we intend to stay in F1,” Renault interim CEO Clotilde Delbos told a media conference call.
“Actually the news about new regulations, new cap, in terms of investment is very good for us, because we had less investment in this area compared to some of our competitors which were spending a lot of money.
The statement comes after Groupe Renault announced plans "of reducing fixed costs by more than 2 billion euros over 3 years aims to restore the Group's competitiveness and ensure its long-term development".
"By capitalising on our many assets such as the electric vehicle, by capitalising on the resources and technologies of Groupe Renault and the Alliance, and by reducing the complexity of development and production of our vehicles, we want to generate economies of scale to restore our overall profitability and ensure our development in France and internationally.
"This project will enable us to look to the future with confidence."
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