Renault and Caterham have revealed plans on Monday to begin create affordable sports cars under a revived Alpine brand beginning in 2016.

These new vehicles will be manufactured at a Renault plant in Dieppe, France with input from Caterham and its Formula One (F1) team the two sides have stated.

At a joint news conference Renault and Caterham spoke about creating an iconic sports car brand with F1 sensibilities that are still reasonably priced so their product can reach a broader base.

"If you look at Formula One, there's only Ferrari and McLaren, which are extremely expensive," Caterham Chairman Tony Fernandes told Reuters. "We'll produce a car that many more people can afford with F1 technology."

There hasn’t been any word from this partnership if Renault will find its way back in F1. The French automaker pulled out of the premiere racing series in 2009-2010 but has continued to supply engines to stables including Caterham F1.