Quitting Formula 1
Renault general manager Luca de Meo had to work hard to keep Renault in Formula 1. "Many people asked me to quit Formula 1 because Renault's financial situation is very complicated," De Meo told Motorsport-Total.com. The French company led a record loss in the first half of 2020 and as several factories had to be closed, some 15,000 jobs were lost.
For many people, it was therefore difficult to understand that the Formula 1 team did continue to exist."Formula 1 has become a bit detached from the mainstream and is seen by some people as a rather expensive and perhaps unnecessary hobby. Many people are not interested in it at all," De Meo said.
Media value of Formula 1
De Meo eventually decided to continue the Renault F1 team as Alpine F1, named after Renault's sports brand in order to give this branch of the company a big boost. "Formula 1 is a huge marketing platform. If you're in the picture, it's worth hundreds of millions of media dollars that I could never invest to give the Alpine brand that much attention. And attention is value for the brand."