PARIS, May 29 (Xinhua) -- French manufacturer Renault on Friday committed to stay in Formula One races despite having announced to cut 15,000 jobs worldwide under a major restructuring process.
"We said publicly and we confirm that intend to stay in Formula One," Renault's interim chief Clotilde Delbos said.
Faced with the financial pressure caused by the coronavirus pandemic, Renault is planning to find savings of 2.2 billion US dollars in the next three years, and cutting 15,000 positions over the world, among which 4,600 are in France.
"The news about the new salary cap in terms of investment is very good for us, because we had less in this area than some of our competitors which were spending a lot of money," Delbos added.
"So we're here to stay in Formula One."
Under new regulations, Formula One teams budgets will be capped at 145 million dollars in 2021, which will drop to 135 million by 2023.
Renault is yet to announce a replacement for Australian driver Daniel Ricciardo, who set to leave for McLaren in 2021.
The Formula One season has been thrown into suspension due to the COVID-19 outbreak. 11 races have been canceled or postponed. The revised calendar is targeting a restart in Austria in July. Enditem
