Renault chairman and CEO Carlos Ghosn says it will stop supplying engines to customer Formula 1 teams once it has completed existing contracts.

The French manufacturer currently supplies power units to Red Bull and Toro Rosso in F1 but has suffered heavy criticism due to its underwhelming engine compared to its Ferrari and Mercedes rivals.

Ghosn confirmed at the Frankfurt International Motor Show that Renault will stop providing engines to the F1 grid once its current contracts close, with its deal with Red Bull likely to conclude at the end of this season.

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"We have already alerted the F1 authorities and told them don't count on us as a provider of an engine - it's over," Ghosn said.

Ghosn feels his company has been unfairly treated by Red Bull who he felt were quick to blame the power units once its success began to dry up.

"Unfortunately when we were winning championships the Renault name was never mentioned. It was the team that was winning," he explained. "So we started to feel the return on this investment was very weak. It was intensified by the fact that when the technology changed and we moved from V8 engines to present technology, some of the teams using our engine did not fare well, and the reasons for which they are not performing became the engine.

"So you are in the game that when you perform very well you are never mentioned, and when there is a problem with the team you are the first guy to be pointed at."

Nevertheless, Renault chairman and CEO says talks of a potential takeover of the Lotus F1 team are still ongoing which would see the French manufacturer remain in the sport.

"Our future is the subject of detailed analysis and renegotiating," he said. "We will either exit or run our own team. We don't have a clear decision yet."