It seems that there has finally been some progress on the topic of spiralling costs of Formula 1 engines.
It is understood that the series’ four engine manufacturers – Ferrari, Mercedes, Renault and Honda – have agreed to a way forward to slash the prices of customer engine deals after a two-day meeting of the F1 Strategy Group and F1 Commission groups in Geneva.
There is unlikely to be any official announcement of the deal, but the word is that all of the engine makers have agreed to dramatically cap the cost of customer engines to €12 million per season, equivalent to a cut of as much as 50% on the prices some were charging in 2015.
They have also given assurances that the entire grid will be supplied, with new regulations due to come into force in 2018 that will last until at least the end of 2020. The FIA World Motorsport Council is expected to ratify this in March.
The move has come in an effort to ward off the concept of an independent non-hybrid ‘client’ engine, an idea proposed by F1 supremo Bernie Ecclestone and curiously supported by FIA president Jean Todt which was roundly rejected by many of the teams.
By way of further cost reduction, each driver will be limited to three gearboxes per season.
Image via Red Bull Racing
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