The return of Renault as a fully-fledged works team, which was announced yesterday, is undoubtedly good news for Formula 1.
The French manufacturer has a great deal of its modern DNA embedded in the sport, and while its recent involvement as an engine supplier has not been a success, the benefits of remaining an active supporter of Grand Prix racing were not lost on chairman and CEO Carlos Ghosn.
Renault has had an uninterrupted involvement in F1 for almost 40 years, taking part in more than 600Grand Prix, claiming 168 race wins, 12 Constructor titles and 11 Drivers' crowns.
The manufacturer's return was conditional on Bernie Ecclestone declaring the marque a 'historical team' which will enable Renault to receive a substantial financial incentive from Formula One Management, just like Ferrari, McLaren, Red Bull and Williams.
But Renault's press release yesterday also underlined the firm's belief that its F1 involvement is now more relevant than ever to its automobile production line thanks to the sport's new hybrid power unit rules which were introduced in 2014.
"The championship serves as a showcase for the technological expertise that Renault dials into its products for the benefit of its customers. Formula 1 is a means for Renault to accelerate development and remain at the forefront of the sport’s technological progress.
"It simultaneously allows Renault to build bridges between the advanced technologies seen in the world championship and its road cars, particularly in the fields of electric and hybrid vehicles.
"Consistent with its commitment to F1, Renault will develop its R.S. range by stepping up investment in order to be active on every continent and in even more segments with vehicles that meet the needs of their different markets."
The statement is perhaps the best testimony to date endorsing F1's regulation shift towards a modern and highly energy efficient technology.
One remembers however that it was just a few weeks ago that Ecclestone and the FIA appeared set on imposing a budget and cost effective engine plan which would do away with the current hybrid technology, its complexities and high cost.
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