The sport has moved on from the sportscar to the supercar, but there’s still room for electric cars in Formula 1.
The FIA has set a new goal for Formula 1, which is to achieve a minimum of five percent of the cars in the field powered by electric power by 2020.
That would put the sport in a much stronger position than it was just a year ago, when F1 was struggling to get electric cars on the grid.
“I think F1 is a really interesting market for electric,” says Peter Wright, senior vice president of electric vehicles at Renault.
“In the US, it’s already starting to happen, and in China it’s going well.
Renault has done some really exciting things, and that’s been really exciting.”
Wright says that Renault’s interest in electric cars isn’t new.
In 2016, Renault’s executive chairman, Cyril Abiteboul, said that electric cars were “the next big thing.”
“That’s what we’ve been talking about for a while now, and we’ve got a lot of people behind it,” Wright says.
Wrights says that in 2017, Renault will invest about $5 billion to build and operate a fleet of electric sports cars.
Its commitment to electric cars has not gone unnoticed by others in the industry, including Nissan.
It announced earlier this year that it was joining forces with BMW, Nissan and the Renault-owned LMP1 team to develop a hybrid-electric car.
For the time being, the company is also pursuing partnerships with Tesla and Honda.
Tesla is expected to announce a partnership with the Renault Sport Academy this year.
As for Honda, the Japanese automaker said last month that it would invest more than $4 billion into electric cars.
But Honda is not alone in that goal.
Toyota announced last month a new partnership with Renault to develop its first electric car.
It also announced plans to develop hybrid cars with its Datsun brand.
But Wright says that while all of these companies are investing in electric vehicles, there’s room for all of them.
If Renault can keep up with all of the interest in the sport, Wright says, “it’s going to be very strong for the sport.
The next steps for the world are really going to hinge on whether or not the sport can achieve five percent.”
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