ABU DHABI, United Arab Emirates—Formula 1 Management has approved Pirelli Tyre as the designated tire supplier for the FIA Formula 1 World Championship for the 2020-23 seasons, extending Pirelli's run as the sole F1 tire supplier to 13 years.
Financial terms of the deal were not disclosed. FOM—the entity that controls Formula 1 racing's commercial interests—selected Pirelli's bid over one from Hankook Tire Co. Ltd.
The new deal includes Pirelli's commitment to work together with the Federation International de l'Automobile toward new technical regulations expected for 2021, including a change to 18-inch rim diameter tires, versus the current 13-inch specification.
Chase Carey, Formula 1 Chairman and CEO, called Pirelli an "important and valued partner to Formula 1 since 2011" and said the "ongoing partnership with them is proof once more of our desire to align F1 with the best in motorsport and beyond."
FOM and the FIA announced the deal following the conclusion of the Abu Dhabi Grand Prix Nov. 25, the final race of the 2018 season.
FIA President Jean Todt said the new deal "will allow all of us to enjoy the experience gained since 2011. We know how crucial and difficult the role of the tire supplier is and particularly, in Formula 1,"
Marco Tronchetti Provera, Pirelli Vice President and CEO, said F1 provides the "perfect showcase for our ultra-high-performance road car tires, which equip the world's most desirable prestige and premium vehicles to guarantee the highest standards of performance, sustainability and safety."
Pirelli and Hankook submitted bids in early September to the FIA to be the race tire supplier for Formula 1 racing for the 2020-23 seasons, a contract that continues the existing 13-inch rim diameter formula for one more season before adopting the 18-inch spec in the 2021 season.
Michelin Motorsport considered submitting a bid but opted not to because certain aspects of the FIA's tender go against the firm's "principles of efficient resource management and respect for the technology of a sustainable tire."