Formula One is possibly one of the most expensive motorsports series at the moment. Depending on the team, each have their own budget to use for the season with some teams having a larger budget than others. A good example of budget gap among F1 teams would be Ferrari, which spent an estimated £330 million in the last season, compared to Force India and Sauber, which spent only £90 million and £95 million respectively.

In order to cut costs, Formula One CEO Chase Carey is considering the introduction of standardized parts. This was further backed by McLaren executive, Zak Brown, who has backed the idea of a budget cap for teams in the past.

Despite the suggestion of standardized parts, Carey says that it will not standardize the car, but only specific components of it. This would still allow the continuous development of F1 cars, but at the same time address the costing for teams with a smaller budget; benefiting everyone and improving competition.

“We’re not looking to standardise the car – we think it is very important to continue to have a sport that is competition married to state of the art technologies. We are certainly looking for ways to address what some of the teams in particular spend that would improve the overall economics of the business and enable everybody in it to benefit, as well as improving the competition,”said Carey.

At the moment, it is still uncertain which parts would be standardized if the plan of standardization does push through. However, Carey has revealed that preliminary meetings have already been made with teams regarding cost cutting. They do not plan to level out the budget of teams, but instead make it more comparable.