P1racenews AI automatic summary:
Formula 1 Chief Technical Officer Pat Symonds has heaped praise upon the series’ cost-cap regulation, saying it’s “fundamental” to the
The cost-cap regulation in Formula 1 was introduced ahead of the 2021 season to limit teams’ spending to $145 million, decreasing to $140 million in 2022 and $135 million in 2023. Adjustments will be made to accommodate inflation and the growth of the calendar with over 21 races. Symonds believes the cost cap greatly improved teams’ financial stability in the sport. The budget cap has transformed struggling teams over the years, increasing their value to half a billion dollars. Additionally, the cost cap encouraged engine manufacturers to join the sport for the 2026 season, with six manufacturers signed up for the new regulations. This move towards sustainable technology at a reasonable cost has attracted significant interest and new partnerships in the Formula 1 world.
