Milan, Italy – Pirelli C & SpA is set to remain as global tire partner of the FIA Formula One world championship for another four years, the company announced 25 Nov.
The Italian tire maker beat off a rival bid from Hankook to renew its F1 supply deal, which expires at the end of the 2019 season.
To secure the 2020 -2023 contract, Pirelli said it had reached an agreement with F1 “on all initiatives requested by the sport currently.”
This, it added, would include working towards new FIA technical regulations expected for 2021, including the 18-inch tire.
“Pirelli has been an important and valued partner to Formula 1 since 2011. They are leaders in providing innovative state-of-the-art capabilities,” said Chase Carey, Formula 1 chairman and CEO.
According to Carey, the deal with Pirelli “guarantees a long-term stable future for such a crucial component of Formula 1.”
With the extended contract, Pirelli will have presence in a total of 13 F1 seasons in addition to its participation in the 1950 season, when the world championship was inaugurated.
"Pirelli has always defined motorsport as its most advanced technological research and development laboratory," Marco Tronchetti Provera, Pirelli vice president and CEO said in a statement about the new F1 deal.