The Renault Group is committed to Formula 1 and plans to keep majority control of its team.
The Enstone-based operation has been through several iterations in recent years, transitioning from a full Renault works entry to an Alpine team with power units bought in from Mercedes.
Next year, the team will be renamed again after a title sponsorship and investment from the Italian luxury goods brand Gucci.
There are frequent rumours about other companies, consortiums and individuals looking to take either a stake or control Renault Group’s F1 team, including Mercedes, BYD, Toto Wolff and Christian Horner.
When asked about all the changes at the team and what this meant to Renault’s strategy in F1, Renault Group CEO François Provost was emphatic that “we will stay in F1”.
He added: “We want to keep control of our team. We want to grow step by step.”
Provost conceded that it “must improve operationally” but said he had been encouraged by recent improvements in performance.
“We shook up the team over the past four years and not in an overly orderly manner, but you see the performance getting better. I’m humble; it will take time.”
As well as improved performance, Provost said that the Gucci deal will improve the team’s marketing and the deal is “meaningful” in terms of building brand awareness.
Grand prix racing is also important to Renault as a company that loves cars, he said. “We share this concern,” he replied when asked why F1 was needed for the brand to bring excitement to its operations and make its cars desirable.