Renault has confirmed it remains commited to stay in Formula 1 on a long-term basis despite a major company restructure to cut costs.

On Friday the French car maker presented its plan to reduce costs by €2bn over the next three years in response to declining car sales and in the wake of the financial uncertainty caused by the coronavirus crisis.

Renault will cut nearly 15,000 jobs as part of the cost-saving measures and company restructuring but the F1 team is set to be unaffected by the proposal.

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Speaking at a conference call on Friday, Renault’s Interim CEO Clotilde Delbos reaffirmed the French manufacturer’s commitment to F1 beyond the end of the 2020 season, when its current contract expires.

“F1 we said publicly, and we confirm that we intend to stay in F1,” she said.

“Actually the news about new regulations, new cap, in terms of investment is very good for us, because we had less investment in this area compared to some of our competitors which were spending a lot of money.

“So, F1 we are here, and we stay in Formula 1.”

Renault returned to the F1 grid in 2016 as a fully-fledged works outfit and outlined an ambition five-year plan in which it hoped to be in a position to fight for race wins and world championship titles.

The Enstone-based outfit finished ninth in the constructors’ championship in 2016 before improving to sixth a year later, and then claiming fourth spot in 2018.

Renault had hoped to significantly reduce the gap to the top three teams of Mercedes, Ferrari and Red Bull in 2019 but endured a disappointing campaign in which it slipped behind midfield rivals McLaren to fifth position in the standings.

Renault has welcomed the news of the impending introduction of a lowered $145m budget cap for 2021.