[PapaofGags]

Did Ricciardo see the writing with Renault’s $2.2b cuts?

Daniel Ricciardo may have jumped off the Renault ship before it sunk with the carmaker set to unveil a plan to cut costs by $2.2 billion.

With the world in the midst of an unprecedented financial crisis, even big manufacturers such as Renault are feeling the pinch.

A pinch that the company, and the French government which owes a 15% stake in Renault, need to lessen.

Reuters is reporting that ‘at the end of May, Renault plans to outline 2 billion euros ($2.2 billion) of spending cuts over the next three years after booking its first loss in a decade last year.’

The company’s factories are under threat with Renault considering closing three of its French sites: Choisy-le-roi, Dieppe and the Fonderies de Bretagne.

Renault’s Formula 1 project could also be on the line.

Earlier this year F1 managing director Cyril Abiteboul sought to quash rumours that Renault won’t be around the long haul.

He told Motorsport.com: “To look at F1 from a financial perspective it’s a cost, but it’s also an asset. And it’s an investment.

“Any way you look, it is pointing in the right direction. Audience exposure or market share [is going up]. But also costs, with a prize fund that will be better, a budget cap that will be better, and engine regulations that stay stable.

“Anywhere you look the figures are healthy and going in the right direction. So I’ve every reason to believe that, in principle, we are in it for the long-term.”

That, though, was before the financial crisis hit.

Ricciardo, though, may have seen the writing on the wall.