Renault chief executive Carlos Ghosn says the company will work to reduce the cost of its new engine that is to be introduced into F1 for the 2014 season.

The Renault unit is rumoured to be one of the most expensive options for next year at a time when engine costs are set to rise with the introduction of new, 1.6-litre turbo-charged units to replace the current 2.4-litre.

Speaking following the announcement that Toro Rosso has signed up to use Renault power next year, Ghosn admitted that there were concerns over the costs of the new units but insisted that the company was doing it what it could be bring those costs down.

"There is some concern about the cost of the engine, I understand it, but our commitment is to work to reduce these costs," Ghosn told reports in Monte Carlo after speaking with commercial rights holder Bernie Ecclestone. "Let's first put the performance at the right level, reassure our teams that they are going to get a very competitive and effective power unit for 2014 and then little by little rationalise, simplify, reduce the costs.

"We are not going to drop the price for anybody for 2014. But our commitment is every year we will be working hard to make this engine more efficient, to reduce the costs and then try to pass part of the cost reduction to the users."

Renault are set to power at least three teams next year with Red Bull and Toro Rosso now confirmed, and Caterham set to follow suit in the near future after Tony Fernandes revealed in Monte Carlo that his team planned to continue with its deal.

Doubts exist however over both Williams - who are expected to switch to Mercedes - and Lotus, with the Enstone-based outfit rumoured to be considering the options available to it for next year.

Ghosn revealed that Renault could yet provide engines to all five teams next year if required but said that three was the minimum it had to work with to meet its targets.

"We will not be surprised if the third one will come soon," he said. "We may have more but we don't need more," he said. "It's more a question of opportunity than necessity. But in terms of necessity we need three."

Ghosn also confirmed that the Red Bull engine would be badged as a Renault unit and not rebadged as Infiniti, despite speculation that the defending champions were keen on the move.


Join the conversation - Add your comment

Please login or register to add your comment