Renault reports $10m loss trying to win in F1

Cyril Abiteboul spending big but making few grid gains

In its efforts to catch Mercedes, Ferrari and Red Bull, Renault turned a £1 pre-tax profit into a £7.8m loss in 2018.

The Oxfordshire-based French team saw its costs increase by £18.6m to £152.3m in the year to 31 December (2018), while revenue rose by just 7.6%.

Driving the increased spending was a recruitment drive which saw 70 new staff recruited – bringing the total to 676 – as well as £9.9m spent on such things as improving its Enstone HQ.