Renault have confirmed that they will stay in Formula 1 beyond the end of the 2020 season, despite making significant job cuts as a result of the coronavirus pandemic. The French manufacturer has cut 15,000 jobs as part of a cost-saving plan due to plunging revenues caused by the global pandemic. Renault interim chief executive said that the introduction of a cap on teams' budgets from 2021 had been an important part of their decision-making process.
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