PARIS, June 10 Renault said on Tuesday
it had scrapped plans to build a high-performance model for
British specialist sports car brand Caterham.
Renault has bought out Caterham's stake in a joint venture
announced in late 2012 and will pursue plans to launch its own
Alpine model alone, the French automaker said in a statement,
without disclosing financial terms.
The company had already briefed unions in March on the
unwinding of the deal.
Tony Fernandes, the AirAsia founder who acquired
Caterham in 2011 and controls the Formula One team of the same
name, had promised additional Renault-built models to turn the
British kit-car maker into a global premium player.
But the Caterham F1 team finished last in 2013 and has
scored no points since it entered the sport as Lotus Racing
three years earlier, prompting a warning from Fernandes that he
may walk away unless things improve.
(Reporting by Laurence Frost; Editing by James Regan)