Renault intends to keep its team in Formula 1, interim CEO Clotilde Delbos confirmed on Friday, despite plans to cut costs by €2 billion over the next three years.
“We confirm that we intend to stay in Formula 1,” she told a conference call.
“The new regulations, new cap in term of investments, because we had less investment than some of our competitors who are spending a lot of money, so F1, we are here, and we stay in Formula 1.”
Renault’s F1 future had been uncertain given the financial pressures on the French car giant and a slump in demand due to the COVID-19 pandemic.
F1 has moved to reduce costs, with a $145 million budget cap due to come in next season.
Some of the top teams are spending significantly more than that, although they also get a bigger share of the revenues and attract more sponsorship.
A major package of technical and sporting rule changes is due in 2022 which the sport hopes will narrow the gap between the top teams and the rest and make racing more sustainable.
Four-times world champion Sebastian Vettel is one name in the frame after Ferrari announced the German would be leaving at the end of 2020.
Another option could be the return of Alonso, who left McLaren at the end of 2018 but is keen on a comeback.