Renault announces it is staying in F1

Renault is staying in Formula 1 for now.

Amid serious financial problems for the French carmaker, interim CEO Clotilde Delbos on Friday announced that she will save EUR 2 billion by slashing 15,000 jobs.

However, the Enstone and Viry-based works Formula 1 team will race on.

"We have said publicly and confirm that we remain committed to Formula 1," Delbos said.

"The announcement of new regulations on cost limitation is good for us, so we stayed."