Pirelli will continue to be Formula 1’s sole tyre maker until 2023 after it won the tender war against South Korean Hankook.
The Italian tyre maker has been the sole supplier for F1 since 2011. The only other contender for the deal was DTM and European Formula 3 Championship supplier Hankook.
The new agreement is complex because the current spec will need to be supplied till 2020. F1’s technical regulations will change in 2021 to bring in 18-inch wheels and tyre blankets will be banned.
So, the first-year supply would have to produce old spec (13-inch wheels) and then the new spec (18-inch), which would have been hard for a new supplier.
Speaking about the new deal, F1 chairman and CEO Chase Carey said: “Pirelli has been an important and valued partner to Formula 1 since 2011,”
“They are leaders in providing innovative state-of-the-art capabilities.
“They are a premium brand, a clear global leader in motorsport and our ongoing partnership with them is proof once more of our desire to align F1 with the best in motorsport and beyond.
“We are delighted to have reached this agreement, which guarantees a long-term stable future for such a crucial component of Formula 1.”
FIA president Jean Todt said: “I am happy to have Pirelli appointed for another period as official tyre supplier to the FIA Formula 1 world championship.
“It will allow all of us to enjoy the experience gained since 2011. We know how crucial and difficult is the role of the tyre supplier and, particularly, in Formula 1.”
Happy with the new deal, Pirelli’s CEO Marco Tronchetti Provera said: “it is excellent news that Pirelli is prolonging its partnership with Formula 1 until 2023.
“This new agreement extends our presence to a total of 13 seasons in the modern era, with Pirelli also present in 1950, when the world championship was inaugurated.
“Formula 1 is and will remain the pinnacle of motorised competition: the perfect environment for Pirelli, which has always defined motorsport as its most advanced technological research and development laboratory.”
Michelin, a former F1 tyre supplier did not submit a tender because they found the idea of high degradation tyre to be against their sustainability policy. They also felt producing 13-inch wheels just for one year will be too expensive.