Renault boosts F1 budget with Formula E exit

The French carmaker Renault has freed up more resources for its works F1 team.

The manufacturer announced that it is pulling out of the all-electric series Formula E to "focus resources on its aggressive goals for formula one".

The title-winning Formula E team will undergo a "smooth transition" to become Nissan, the Japanese carmaker which is over 40 per cent owned by Renault.

"After season 4 we will focus resources on our aggressive goals for formula one," confirmed Renault marketing chief Thierry Koskas.