Renault confirms it will stay in F1

Renault says it plans to stay in Formula One despite the French car manufacturer undergoing a major restructuring process that will see 15,000 layoffs worldwide.

The team's future in F1 has become a source of speculation for several months after it failed to meet its on-track goals last year as the wider company faced cost cutting measures. Faced with the financial impact of the coronavirus pandemic, the Renault car company is planning to find $2.2 billion in savings over the next three years, including a 10 percent reduction in its workforce.

However, after announcing Renault's restructuring measures to combat the downturn in the global economy, interim Chief Executive Coltilde Delbos said…