Renault F1 is to make as many as 50 redundancies from its Oxfordshire headquarters, it has been reported, as the French manufacturer continues to feel the effects of the global credit crunch.
It was revealed earlier this month that jobs in the test team and aerodynamics department at its Enstone base – more than a sixth of its workforce there – were subject to a 'consultation process which might result in the redundancies of 63 employees' [see separate story – click here
Now, the BBC
reports, as many as 50 members of staff are to face the axe next Monday, 2 March. It added that most of the cuts would be made by way of the company's voluntary redundancy scheme.
The news comes hot on the heels of the revelation that the Régie's
title sponsor, ailing Dutch bank ING, is to quit the sport at the close of its current contract at the end of this season, as part of a wider cost-cutting exercise.
Renault is understood to be one of the manufacturers most at risk of pulling the plug on its F1 project and of following Honda out of the exit door, as the car maker struggles to maintain sales amidst the current economic downturn.
When contacted by Crash.net
for a comment, the team said an official statement would be issued shortly.