Renault buys Caterham's stake in sports car project
Renault has taken full control of the joint venture with Caterham to build a sportscar under the Alpine and Caterham brands.
It has been known for some time that the agreement between Renault and Caterham to platform share on a small sports car had fallen through, but a press release on Tuesday confirmed Renault had acquired Caterham's stake in the project. The car will still be built by Renault under the Alpine brand but will no longer be sold as a Caterham.
"Following a mutual agreement between Renault and Caterham Group, Renault has increased its stake in Société des Automobiles Alpine Caterham to 100%, following acquisition of the interest held by Caterham Group," read a statement. "Renault will now continue to develop its own Alpine sports car to be launched in 2016, as initially planned. Caterham Group also plans to continue with its own sports car.
"The acquisition brings an end to the partnership signed in November 2012 by Renault and Caterham Group to develop and manufacture sports cars through a joint venture. Other forms of cooperation could still be envisaged between Renault and Caterham Group in line with each company's strategic policy directions."
The future of the Caterham Group, including the road car business and the Formula One team, was subject to speculation earlier this year but rumours it was for sale were denied by Group boss Tony Fernandes.