ABU DHABI -- Formula One will retain the services of tyre manufacturer Pirelli as its sole supplier until the end of 2023.
Pirelli has supplied F1's tyres since 2011 and was on a deal which ran until 2019. Earlier this year F1 opened up a tender for the next contract cycle which will include the major engine and aerodynamic regulation changes planned for the 2011 season. One major change on the tyre side will be an increase from 13- to 18-inch wheel rims.
Although it faced competition from Korean supplier Hankook, Pirelli has retained the rights to continue on as the only supplier.
"Pirelli have been an important and valued partner to Formula One since 2011," F1 CEO Chase Carey said. "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 One."
Next year Pirelli is simplifying the naming convention of its existing range of tyres. Currently it has seven dry tyres -- super-hard, hard, medium, soft, super-soft, ultra-soft, hyper-soft -- but the names have caused some confusion at certain races this year. The Italian company will retain the different compounds for 2019 but at each event they will simply be designated as 'hard', 'medium' or 'soft' based on their relative order in that list.