Pirelli have agreed to a proposal from the FIA and F1 to continue their existing exclusive tyre supply deal, after Pirelli agreed to postpone the introduction of the 18 inch tyres.
A very amicable agreement has been made between Pirelli, the FIA and Formula 1 to continue the tyre manufacturer’s exclusive supply deal until the end of 2024.
Pirelli’s exclusive deal was due to come to an end at the end of 2023, following three years of supply of the new 18 inch tyre compounds after winning the FIA’s tender for this in 2018. However, with the coronavirus pandemic forcing the introduction of Formula 1’s new regulations, including the switch to the 18 inch tyres, to be delayed until the start of 2022, all three parties have agreed to the extension in order to reflect the conditions of the original contract.
“The pandemic caused disruption across the world and Formula 1 was not immune from that.” said F1 President and CEO Stefano Domenicali. “We therefore took the necessary measures last year to defer the regulations by one year to 2022. We are very proud of our partnership with Pirelli and grateful to them for their constructive approach to this timing change.”
“Pirelli are very conscious of strategic role that the tyres have in F1 and we know that they are working very hard to make sure that their products will represent the best balance between performance and durability in the new technical context. We look forward to the start of the 2021 season and we are all excited for the new cars and new 18-inch tyres to hit the track under the new regulations in 2022.”
FIA President Jean Todt thanked Pirelli for the flexibility and collaboration on helping Formula 1 respond as well as possible to the pandemic, saying: “COVID-19 has presented us with significant challenges across all aspects of our businesses, but by working together in a sensible, pragmatic way, we have been able to ensure that the long term stability and strength of Formula 1 remains undiminished.”
“The shift to 18″ wheels and tyres will certainly provide a more exciting image for Formula 1 cars, but it has also presented a significant technical challenge requiring a lot of investment and development on behalf of Pirelli as they continue to deliver tyres that will perform at the highest level. In light of this, and the necessary postponement of the new regulations as a result of the pandemic, it is only logical to extend the supply of tyres accordingly”.