Renault has confirmed that it will be participating in 2016 Formula One Championship. Lotus F1 Team is purchased and will function as a factory team. Renault will be taking part next year as a full-fledged constructor in Formula One.
Previously, Renault was functioning only as an engine manufacturer and supplying various teams with power units. Renault was providing engine units to Red Bull Racing and Lotus last season. The final terms and conditions have yet to be drafted by Renault.
Carlos Ghosn, Renault CEO, expressed they had only two logical options. Renault would either leave Formula One completely or increase their involvement completely in a project. Development and research done in Formula One is beneficial to Renault and their future street cars.
Lotus F1 Team has let go of Romain Grosjean and replaced him with Jolyon Palmer. Pastor Maldonado renewed his contract to be with the current team. Renault after taking over Lotus explains that they will confirm drivers line-up and 2016 programme soon.
Renault's most successful era was with Red Bull racing. During this period, Renault Red Bull Racing won four driver and constructor Championships on a trot. Previous to that, Renault witnessed success independently as a constructor in 2005 and 2006 with Fernando Alonso at the helm.