Date printed: Might 21 2020
Daniel Ricciardo might have jumped off the Renault ship earlier than it sunk with the carmaker set to unveil a plan to chop prices by $2.2 billion.
With the world within the midst of an unprecedented monetary disaster, even large producers akin to Renault is feeling the pinch.
A pinch that the corporate, and the French authorities which owes a 15% stake in Renault, want to minimize.
Reuters is reporting that ‘on the finish of Might, Renault plans to stipulate 2 billion euros ($2.2 billion) of spending cuts over the following three years after reserving its first loss in a decade final yr.’
The corporate’s factories are beneath menace with Renault contemplating closing three of its French websites: Choisy-le-roi, Dieppe and the Fonderies de Bretagne.
Renault’s Method 1 challenge is also on the road.
Earlier this yr F1 managing director Cyril Abiteboul sought to quash rumours that Renault received’t be across the long-haul.
He advised Motorsport.com: “To take a look at F1 from a monetary perspective it’s a price, nevertheless it’s additionally an asset. And it’s an funding.
“Any approach you look, it’s pointing in the appropriate path. Viewers publicity or market share [is going up]. But additionally prices, with a prize fund that shall be higher, a funds cap that shall be higher, and engine laws that keep steady.
“Wherever you look the figures are wholesome and entering into the appropriate path. So I’ve each cause to consider that, in precept, we’re in it for the long-term.”
That, although, was earlier than the monetary disaster hit.
Final week Renault misplaced Ricciardo to McLaren, the Aussie asserting that he was leaping ship on the finish of his two-year deal.
Ricciardo’s announcement got here simply over a yr after he made his Renault debut and didn’t sit effectively with Abiteboul.
“In our sport, and notably throughout the present extraordinary scenario, reciprocated confidence, unity and dedication are, greater than ever, essential values for a works crew,” he stated in a press release.
Ricciardo, although, might have seen the writing on the wall.
Ought to Renault stroll away from Method 1 it wouldn’t be the primary time with the carmaker promoting the crew to Lotus in 2011 earlier than returning to the grid in 2016.