Renault is convinced that Formula One’s global media exposure remains a key asset in raising brand awareness worldwide, as it finally completes its takeover of Lotus.
In the wake of its struggles in the 1.6-litre V6 turbocharged era, the French manufacturer had launched an in-depth study to see whether being in F1 was worth the investment, especially after ramping up its involvement in Formula E.
But instead of making of low-key exit, Renault came to the conclusion that grand prix racing remained a leading communication vector and elected to return as a works outfit in 2016.
The statement it issued on Thursday night reads:
“Formula 1 serves to promote awareness of the Renault brand and its image in all its markets across the world. Formula 1 is one of the sports that enjoy the most media coverage worldwide thanks to a following on five continents, particularly in emerging markets.
“It attracts 450 million television viewers annually and its scope for growth is enormous thanks to opportunities founded on new technologies, social networks, video games, etc. that have yet to be fully exploited.”
Renault hopes that having a fully-fledged team will give the brand more visibility than when it powered Red Bull to four world titles between 2010 and 2013, a situation that had left a bitter taste of frustration at Viry-Chatillon.
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