Nov.6 (GMM) Caterham and its F1 engine supplier Renault have joined forces to produce road-going sports cars.

At the announcement attended by Caterham team boss Tony Fernandes and Renault chairman Carlos Ghosn in Paris, it was announced that the collaboration will produce "distinctive" cars from the Renault-owned Alpine factory in Dieppe, Normandy.

"The Caterham Group will own (a) 50pc stake in the Automobiles Alpine Renault company, currently 100pc held by Renault," a media statement said.

"I have not felt as excited about a new venture since I launched AirAsia in 2001," said Malaysian entrepreneur Fernandes.

He added at a press conference: "If you look at formula one, there's only Ferrari and McLaren, which are extremely expensive.

"We'll produce a car that many more people can afford with F1 technology."

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