RENAULT'S president Carlos Ghosn has pledged the company will stay in Formula One for the long term.

Speaking after the Enstone-based Renault F1 team retained both the drivers' and constructors' championships he said was proud with the efforts made by the entire team.

He said: "It is an important victory because it justifies the investment Renault has made in Formula 1, and will make in the future. More and more, Formula 1 is working as an investment for us, not a loss.

"Firstly, it helps to grow awareness of our brand in markets where we are little known and looking to grow.

"Secondly, in markets where the brand in known, it strengthens our image. It gives us a youthful, competitive personality, its shows we are a company with cutting-edge technology, that we are brave enough to take part in a competition against most of the other major manufacturers and, most importantly, capable of winning.

"It also brings an image of reliability because our cars finished almost all the races, not just when they won but also in the other positions. This win brings a lot to Renault, and now it's our job to transform that into a sales victory through the current products, but also in the product offensive that begins in the coming months.

"We are in Formula 1 to stay, and we have made that clear. New regulations will come into force from 2007 and in the following years, and we are familiar with them as we played a role in framing them. I think these regulations will, in time, help us to offer the public a better show, and bring even more intense competition between the manufacturers."