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Caterham, Renault end sports car plans

2014-03-25 08:23

JOINT VENTURE SCRAPPED?Image: AFP

Caterham and its Formula 1 engine partner Renault have reportedly axed a joint venture to produce sports cars.

It was announced in late 2012 that the collaboration would involve Caterham buying into Renault's Alpine brand.

Caterham chairman Tony Fernandez said: "I have not felt as excited about a new venture since I launched AirAsia in 2001."

WORRISOME TIMES

Media reports are now claiming the venture is being scrapped. The news follows an obvious dip in Caterham's progress in F1, as the team struggles with the 2014 rules.

Fernandes added: "If we're at the back I don't think I'm going to carry on".

AFP news agency cited sources in claiming Renault is not giving up on "reviving its Alpine brand", despite the split with Caterham.

Reuters added that Renault had "raised doubts about Caterham's future financial contributions to the joint venture".

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