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Renault formalizes return to F1 with Lotus acquisition

No longer satisfied with simply providing engines, Renault confirmed that it will return to running its own Formula One team next season. Though the terms of the deal are still being worked out, the French automaker will re-acquire the team currently known as Lotus. Renault previously owned and operated this same operation for nearly 10 years. Renault first entered the series in 1977. The company shut down the original Equipe Renault Elf in 1985, but continued powering Lotus, Ligier, and Tyrrell for another season. After a three-year break, it returned as an engine supplier with Williams in 1989, winning championship titles with the likes of Nigel Mansell, Alain Prost, Ayrton Senna, and Damon Hill behind the wheel. The 1995 season saw the start of the partnership with the team now in question when Benetton switched over from Ford power. After several years of success and more titles, Renault bought out the team and ran it as its own from 2002 through 2011 – winning two more titles with Fernando Alonso – before selling the operation to Genii Capital, which has run it since under the Lotus name. Even after Lotus switched to Mercedes power, Renault continued supplying other teams with engines, most notably winning back-to-back world titles with Red Bull before the new turbo hybrid engines arrived and Renault's performance dropped off. Now, in another case of history repeating, Renault is gearing up to bring the team based in Enstone back in-house. The move will likely see the Lotus name disappear again, after it was hotly contested with the Caterham team that ultimately disappeared as well. With it, Renault will return as a full-on works effort with its own engines, just like rivals Ferrari and Mercedes. Renault Announces Return to Formula 1 in 2016 - Carlos Ghosn announces his decision that Renault will return to Formula 1 with its own team for 2016 season. - Renault, 12-time Constructors' Champion with nearly 40 years in the sport, is an iconic brand in Formula 1 and intends to play an active role in the sport's development. - F1 is a technology showcase and accelerates development of Renault's innovation and range of sports cars. Following the September announcement of the signing of a Letter of Intent with Lotus F1 Team, teams at Renault continued to evaluate the possibility of a return to Formula 1. Particular attention was paid to competing successfully with its own team in a financially sound way starting in 2016.

Renault bailing out Lotus F1 Team to pay $4M tax bill

The road ahead looks to be clear for Renault to reacquire the Formula One team that once bore its name. The latest reports have it that the French automaker is prepared to pay a multi-million-dollar tax bill to the British government to keep the Lotus team from entering bankruptcy proceedings. According to the report from Autosport, the Lotus F1 Team owes a massive GBP2.7 million – equivalent to over $4 million at current exchange rates – to the Her Majesty's Revenue & Customs authority for income tax and national insurance (Brit-speak for social security). The team was supposed to have withheld and submitted the funds on behalf of its 400 employees dating back to June, but since it has yet to pay up, it's being taken to court by the UK government. Apparently unable to foot the bill, the cash-strapped team looked poised to enter bankruptcy just as the Caterham and Manor/Marussia teams did last year. But Renault is now poised to step in to the team's rescue. Those with a longer memory for F1 history will point out that the Lotus team – which has little to do with the sports car manufacturer of the same name – dates back to 1981, and has changed title and ownership several times over the years. What was founded as Toleman was then taken over by Benetton. Renault acquired the team in 2000, but sold it to its current owners Genii Capital in 2009. The team based in Enstone, UK, won back-to-back world championships with Michael Schumacher in 1994-95 and again with Fernando Alonso in 2005-06, but has struggled both competitively and financially over recent years. Consigned to an engine-supply role since divesting itself of majority interest in the Lotus team, Renault has been rumored to be preparing to reacquire the outfit from Genii – and in all likelihood switch it back from Mercedes power to its own. Paying the outstanding tax bill will likely emerge as the first step in that reacquisition. Once it takes over full ownership again, Renault is expected to rebrand the team in its own image, and will then have to decide on driver and other personnel contracts for next season. Related Video:

Lotus Type 132 electric crossover spotted testing in China

Thanks to Carscoops, we know that Weibo Chinese social media user Ductile Iron BX spotted a Lotus Type 132 prototype testing on Chinese roads. This is the vehicle that will inaugurate the English sports car maker's transition to a battery-electric future and its future as a purveyor of crossovers, the once dirty word among the light-and-simple crowd that's just too profitable to ignore. In profile, the long, low roof makes the Type 132 look more like a jacked-up Allroad-style wagon than a traditional crossover. The heavy camo can't hide the jutting tail that holds a deployable spoiler. Those regular-sized wheels look good, but they don't fill the arches that way we've come to expect from speedy SUVs; we won't be surprised if larger rims appear on the debut model, with an option for even larger rims. The treatment of the rear quarter glass, which looks like a vent, is a neat touch. We know black drapery hides other touches like an active lower grille, its hexagonal mesh peppered with panels that twirl open to provide the right combination of powertrain cooling and vehicle aerodynamics, and some kind of sensor unit rising from the roof. Nor can the camouflage hide the sharp lines throughout, from the concave front fascia to the arced rear fenders to the dramatic rear bumper. This could be a good looking start to Lotus' people-hauler era. The Type 132 is expected to debut this spring, riding on the firm's Evolution Architecture for premium vehicles and featuring 800-volt electrics and a battery with a possible 120-kilowatt capacity. Lotus has said the crossover will reach 60 miles per hour in under 3. seconds, an estimate that probably refers to the dual-motor version that might put out as much as 750 horsepower. Even though the Type 132's place in the luxury segment will see it lined up against entries like the Aston Martin DBX and Porsche Cayenne, this being the first super-sporty CUV from this OEM, it will undoubtedly spend the early part of its life thrown into battles with the Tesla Model X. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.