The RB12 utilized a customer Renault engine re-badged as a TAG Heuer following a breakdown in the relationship between Red Bull and Renault in 2015, coinciding with Renault's re-formation as a works constructor after acquiring Lotus. This was the final Red Bull car to use fuel and lubricants from Total, ending an eight-year partnership.
The car featured a Renault engine, though branded as TAG Heuer due to the altered relationship with the manufacturer. The chassis design focused on maximizing performance within the 2016 Formula One regulations.
In the season-opening Australian Grand Prix, Ricciardo finished fourth after setting the fastest lap, while Kvyat failed to start due to an electrical problem. At the Bahrain Grand Prix, Ricciardo finished fourth and Kvyat finished seventh after contact with Nico Hülkenberg on the first lap. The Chinese Grand Prix saw Ricciardo lead until a left-rear tyre failure, while Kvyat finished third.
The Russian Grand Prix was marked by first-lap incidents involving Kvyat and Sebastian Vettel, resulting in a ten-second stop-and-go penalty for Kvyat and damaging both Red Bull cars. Prior to the Spanish Grand Prix, Kvyat was demoted back to Scuderia Toro Rosso, with Max Verstappen promoted to Red Bull Racing. Verstappen immediately made an impact, winning the Spanish Grand Prix on his debut for the team after a collision between Mercedes drivers Lewis Hamilton and Nico Rosberg. Ricciardo finished fourth in that race.
At the Monaco Grand Prix, Ricciardo secured his first pole position, but finished second after a slow pit stop handed the lead to Hamilton. Verstappen crashed out of the race. Following the Austrian Grand Prix, the team consistently challenged Mercedes for race victories and achieved podium finishes at most races, excluding Italy and Abu Dhabi. Ricciardo noted that Verstappen's arrival pushed him to improve his driving techniques.
The 2016 Malaysian Grand Prix saw Red Bull achieve a 1–2 finish, with Ricciardo winning and Verstappen finishing second, aided by issues for the Mercedes drivers. The team would not record another 1–2 finish until the 2022 Emilia Romagna Grand Prix with the RB18.
At the Brazilian Grand Prix, Verstappen recovered from a spin and finished third after a series of overtakes in the closing laps, earning praise from team principal Christian Horner, who called it "one of the best drives I've seen in Formula 1".
The RB12's success, particularly the impact of Verstappen's arrival, contributed to Red Bull's resurgence as a competitive force in Formula One. The 1–2 finish in Malaysia was the first of its kind for the team in the V6 hybrid era, a feat not repeated until 2022 with the RB18. Ricciardo stated he learned from Verstappen's driving techniques in order to improve as a driver.
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