French car manufacturer Renault have announced they are to return to the grid next year as a works team.

They will take over Lotus, having supplied engines for the team's vehicles between 2012 and 2014. In that time, Lotus has 24 podium finishes, with two wins coming from Kimi Raikonnen.

"Renault had two options: to come back at 100 percent or leave. After a detailed study, I have decided that Renault will be in Formula 1, starting 2016. The final details supplied by F1’s main stakeholders gave us the confidence to accept this new challenge. Our ambition is to win—even if it will take some time,” Carlos Ghosn, Chairman and CEO of Renault announced yesterday.

The team won two Constructor's Championships in 2005 and 2006, while their driver Fernando Alonso also won the Driver's Championship during the same period.