2016 Formula One Championship will witness several changes. Red Bull Racing was involved in an extensive battle with Renault to deliver more performance from their engines. For 2016, Red Bull will be partnering with TAG Heuer and continues with Renault engine.
TAG Heuer will be taking the naming rights of Red Bull's power unit. 2016 Formula One Red Bull vehicle is christened as 'Red Bull Racing-TAG Heuer RB12'. Red Bull and TAG Heuer partnership is a bit different from traditional teams being supplied with engine units.
Red Bull has designed a new agreement with Renault for supplied engines. The Renault engines will be further developed by Red Bull in-house by Ilmor Engineering. Red Bull was planning to use Mercedes-AMG, Ferrari, and Honda engines, however, they were not allowed development on the engines provided.
Daniel Ricciardo and Daniil Kvyat have been confirmed for 2016 Formula One Championship. The latest partnership with TAG Heuer gives Red Bull Racing hope that they could be competitive next year. Red Bull stood fourth in the 2015 Formula One Championship.
Renault has also announced that it would be making a comeback to Formula One. During 2016 Formula One Championship, Renault will be taking over Lotus F1 Team and will function as a full-fledged constructor.