Renault first to unveil F1 car for 2016

Renault have officially returned to Formula One following its takeover of the Lotus team that finished sixth in the constructors championship last season.

Renault Sport - as it will be known in the paddock - pulled the covers off its new RS16 at its base near Paris earlier today.

The RS16 will be piloted by former reserve driver and F1 debutant Jolyon Palmer, as well as Dane Kevin Magnussen following the termination of Pastor Maldonado's deal in January.

The Venezuelan's sponsors - who were thought to be paying out as much as £35million a year - reportedly failed to deliver contractually agreed payments on time, forcing Renault to drop Maldonado two years after he first joined.

Magnussen only found out that his race seat was secured yesterday.

On the pit wall, former ART boss Frederic Vasseur - who oversaw the progress of Lewis Hamilton, Sebastian Vettel and several other F1 drivers as they climbed the ranks in the GP2 championship - will take control of the team's racing operations.

He will report to Cyril Abiteboul, who remains as Managing Director having endured an unsavoury couple of years which included last season's public fallout with Red Bull owner Dietrich Mateschitz and team boss Christian Horner.

The two young, albeit inexperienced drivers represent a fresh start for the French manufacturer, which considered leaving the sport altogether following its struggles as engine provider to Red Bull.

However, the option of a full return prevailed in the second half of 2015, leading to the eventual takeover of a Lotus outfit that had been struggling financially for some time.

Whether Renault will remain committed to F1 for the long term remains to be seen: success on the track is not guaranteed and changes to the sport's regulations could raise the prospect of another exit somewhere down the line.

For now though Renault is firmly on the grid, with the joint effort between factories in Enstone and Viry-Chatillon focused on the year ahead.

Less than seven weeks remain until the lights go out at the season opener in Australia, but for Renault, the race has already begun.