Renault returns to F1 as manufacturer

French car manufacturing firm Renault on Friday confirmed that it will return to Formula 1 as a constructor next year, for the first time since 2010, taking over current team Lotus.

Following the September announcement of the signing of a Letter of Intent with Lotus, Renault continued to evaluate the possibility of a return to Formula 1.

"Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016," Renault chairman Carlos Ghosn said.

"The final details supplied by F1's main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win -- even if it will take some time."

Work continues on finalising the terms of the acquisition of Lotus in the shortest time frame possible. The principal contracts were signed on Thursday.

Renault has had uninterrupted involvement in Formula 1 for almost 40 years. In 1977, the firm, along with others, revolutionised the championship with the introduction of turbocharging, a technique that soon became the norm in the sport.

Renault as a constructor has taken part in 303 Grands Prix and have had 35 victories. They claimed both the constructors' and 11 drivers' crowns in 2005 and 2006.

They competed as a constructor till 2010 when Lotus bought maximum shares of the firm. Renault, however, continued as an engine supplier to several F1 teams.