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Renault to remain in Formula 1 despite job cuts

May 31, 2020 15:05 IST

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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