Well Red Bull did do it with Infiniti.
But the charade falls away for even casual fans when you watch the race and commentators say Renault, then Ted is chatting to people and talking about Red Bull's engine problem outside the Renault hospitality
It is basically pointless marketing, other than Nissan chucking Vettel in a few hopped up Nissans and trying to sell cars based on them winning a few races.
If you think back tot eh 80's people did really think the McLaren engine was a TAG, when we all knew it was a Porsche, but that charade was relatively successful I think.
You had PETRONAS calling a Ferrari engine, Playlife doing it with Renault, possibly the worst ever one!!
Red Bull do it to some extent by advertising different brands on their cars. But agreed, I think I saw ALfa badged on one car from testing?
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