Sunday, November 8, 2009

Renault to announce a decision on its Formula 1 future by the end of 2009

The fate of Renault’s participation in the Formula One will be decided by the end of the year, according to CEO Carlos Ghosn who was interviewed by reporters in Paris . Ghosn confirmed that recently, there was an emergency board meeting that transpired but he refused to give any details.

The board meeting was called immediately after Renault got wind of Toyota ’s withdrawal from the race. Toyota had decided to pull out to cut its costs and focus on the development of its road cars. It can be recalled that earlier this year, Renault signed the revised Concorde Agreement, which indicated its commitment to the sport until the end of 2012. The managing director of its F1 team Jean-Francois Caubet had spoken to a French newspaper and declared that the firm remains fully committed and would definitely be lining up on the grid next year. Robert Kubica has signed on to be its lead driver for next season, while watchmaker TW Steel has been brought in to replace ING, which ended its relationship with the team after the high profile ‘crashgate’ scandal earlier this year.