Ferrari CEO Louis Camilleri says Formula 1 is “not even at the end of the beginning” of the process regarding the definition of the 2021 regulations, and wants a budget cap on engine spending.
Formula 1 chiefs, in conjunction with the FIA, last Thursday published the long-awaited regulations regarding the sporting, technical and financial aspects of the championship for 2021.
All 10 teams voted in favour of the regulations but Camilleri has stressed that Formula 1 still has work to do, and believes that power unit development should be capped.
As it stands the costs incurred in engine development is not going to be included in the $175m per year cap.
“I think what was announced over the weekend is really [the] beginning, the beginning of the process,” Camilleri said in a conference call to discuss Ferrari’s Q3 earnings on Monday.
“It's not even the end of the beginning, so there's still quite a lot of work to do together with Formula 1 and the FIA as well as the teams. We've voted in favour of it. And we haven't exercise our veto, right.
“So all-in-all we’re sort of satisfied with the direction it's taking, and the principles that have been expounded.
“But clearly, a lot of details still need to be ironed out.
“The budget cap relates to only certain elements of the actual car [and] the best example is that the engine is not part of the budget cap.
“Our sense is that going forward… our hope is that there will eventually be a budget cap placed on the engine itself.”
Camilleri was nonetheless optimistic that the direction Formula 1 is taking is beneficial for both the championship and Ferrari.
“There have been limitations in terms of dyno usage which is a very expensive part,” he said.
“So post-2021, the budget cap that exists even including the exclusions to the budget cap, relative to the revenues and again, a big chunk of our revenues is sponsorship.
“So to the extent that Formula 1 becomes more entertaining and brings in more fans, then clearly, Formula 1 will generate more revenues, which ultimately benefits all the teams, including Ferrari.”
