Following the signing of a Letter of Intent back in September with the Lotus F1 Team, the possibility of a return to Formula 1 was a focal point for teams at Renault. Most of this focus has been invested into Renault competing with its own team in 2016.
Carlos Ghosn, Chairman and CEO at Renault, said that there were only two options available to the Renault team, to come back 100 percent, or leave. He went on to say that the details that were supplied by F1’s stakeholders gave Renault the confidence to take on the challenge, even if it took some time to win.
Work is currently being carried out in relation to the finalisation of terms relating to the acquisition of the Lotus F1 Team in the shortest timeframe possible. The Lotus F1 team has been cited as the best partner for Renault, thanks to being world champions together in 2005 and 2006, as well as knowing each other for the best part of 15 years.
Renault’s History with Formula 1
Renault itself has had involvement in Formula 1 for 40 years. The champions ship was revolutionised in 1977 thanks to the introduction of turbocharging by Renault, which soon became standard within Formula 1. Since then, Renault have taken part in over 600 grand prix, boasting 168 wins, 11 driver’s crowns and 12 constructors’ titles.
The Benefits of Renault Participating in Formula 1
Renault’s decision to keep participating in Formula 1 should come as no surprise, as it confirms that Renault association with Formula 1, as Renault see it as the ultimate passion for car enthusiasts. Formula 1 expects the best in terms of operation and technological advancement, and with Renault involved, it gives the brand plenty of opportunity to show off their latest offerings.
Still being part of Formula 1 allows Renault to accelerate its development and be pioneers in technological process. It also allows Renault to see how the technology being used for Formula 1 could work in their road cars, and vice-versa, which could lead to even more technological breakthroughs.
There is also the brand awareness to consider. Car enthusiasts are many as we know, but to have all car enthusiasts fixated on one event that evokes a mixture of emotions is the ideal platform for Renault. As already mentioned, passion is at the very core of Renault’s values, and this sticks out in their marketing.
As Formula 1 is one of the sports that attracts the most media attention worldwide, it gives Renault a chance to show fans new technology, while reaching out to a new demographic of younger drivers. As well as being broadcast to over 450 million television viewers, the birth of the Internet means that the potential following the Formula 1 could receive would be in the billions.
Twitter and Facebook and probably engaged with more than our watch, so it makes sense that such an iconic event will trend on social networks, thus allowing Renault to communicate with fans on more than one medium.
As well as being financially beneficial for Renault in the long run, the most benefit to be gained from participating in the Formula 1 is in its brand awareness, especially with its reputable partnership with Formula 1 in the past.
Words By: Jason Falls