Renault has reaffirmed its commitment to Formula One despite announcing that almost 15,000 jobs will go worldwide as part of a cost-saving package over the next three years, while Mercedes has rejected reports that it will leave the sport.

Renault's measures were announced during an online press conference on Friday morning as the Renault Group warned it needed to respond to a major crisis facing the automotive industry amid the coronavirus pandemic.

However, interim chief executive Clotilde Delbos said the measures will not include a withdrawal from Formula One.

"We have said publicly and we can confirm that we remain committed to Formula One," Delbos said.
"The fact that the FIA has capped expenses is great news for us."

Earlier this week, the governing body approved plans to introduce significant budget caps into the sport from next year, starting at $145million, then further reduced to $140million US dollars in 2022 and $135million across 2023-25, based on a season of 21 races.

In addition to its works team, Renault currently supplies engines to McLaren, but the British team is due to switch to Mercedes next season.

Renault returned to F1 in 2016 but is yet to replicate the success it enjoyed prior to leaving in 2010, with the last of its drivers' titles won by Fernando Alonso in 2006.

The works team is searching for a new driver to partner Esteban Ocon following confirmation that Daniel Ricciardo will join McLaren next season. 

Mercedes GP Executive Director Toto Wolff

At Mercedes, their parent company Daimler has rejected reports that the German brand could be about to pull out of Formula One and that Toto Wolff was planning to resign as managing partner.

At a time when six-time world champion Lewis Hamilton has been discussing a new contract with the Silver Arrows, reports in Germany suggested Wolff might step away from his current role in order to partner with Lawrence Stroll to oversee a buy-out of Mercedes.

However, a statement from Daimler reaffirmed its commitment to Formula One.

"Speculation regarding a potential withdrawal from Formula 1 continues to be unfounded and irresponsible," the statement said.

"The sport has taken the right measures to address the consequences of the Covid-19 pandemic and its future financial sustainability, and we welcome these steps.

"It is our clear intention to continue competing in Formula 1 as a Mercedes-Benz works team in the years to come, and to do so with our managing partner Toto Wolff."