After last season’s implementation of Formula 1’s first cost cap, the series will explore options to help teams adjust to elevated energy costs and inflation.
F1 teams and FIA officials will meet in Austria on Friday ahead of the Austrian Grand Prix to discuss compromises pertaining to this season’s $140-million budget cap — though a full agreement could still be weeks away.
This season, the cap was reduced by $5 million from $145 million last season.
Many of the top teams have said that unforeseen circumstances — such as the war in Ukraine — have raised costs to a point that will make it impossible for them to stay under the cap.
Mercedes team principal and co-owner Toto Wolff said in May that his team has spent over 2.5 times more on its energy bill at its England factory this season.
In June, Williams became the first team to violate the terms of the cap after failing to turn in its reporting documentation for the 2021 season by the May 31, 2022 deadline. The team was fined $25,000 plus administrative fees.