Formula 1 has confirmed Pirelli will be the sport’s official tyre supplier until the end of the 2023 season.
The Italian manufacturer has one year left on its previous agreement, and had faced competition from Hankook, who also bid for the 2020-2023 contract.
In a statement announcing the deal ahead of today’s Abu Dhabi Grand Prix, Formula 1 Chairman and CEO Chase Carey said: “Pirelli have 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 added: “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.”
Vice President and CEO and Pirelli, Marco Tronchetti Provera, said: “It’s 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. Formula 1 provides the perfect showcase for our Ultra High Performance road car tyres, which equip the world’s most desirable prestige and premium vehicles to guarantee the highest standards of performance, sustainability and safety.”
Pirelli’s work will include developing the new 18-inch tyre which comes into place for 2021.