Engine Makers Confident Cost Cuts can be Made

Formula One engine makers sounded confident on Sunday that they could find a way to halve their costs by 2006.

The engine makers - Mercedes, BMW, Ferrari, Ford, Renault, Honda and Toyota - met at the Spanish Grand Prix after an agreement earlier in the week to propose a solution within the next 30 days.

International Automobile Federation (FIA) president Max Mosley has suggested introducing a new engine formula, cutting the current size from 3.0-litre V10s to 2.4-litre V8s.

The FIA can impose the change from 2008 but they and the carmakers, spending 1.0 billion euros ($1.20 billion) a year on engines according to one manufacturer, are eager to accelerate the process.

The engine makers are now discussing alternatives, with some such as Williams' partner BMW arguing that a longer-life V10 would be more economical.

Mercedes motorsport boss Norbert Haug, whose company is McLaren's partner, said Saturday's meeting had been constructive and there was agreement that slashing costs was essential.

"I cannot tell you whether it (the new engine formula) will be 10 or eight cylinder but I think we are on a very, very good development," he said. "I have been at various engine meetings in the last 10 years and I think we are better equipped right now for changes than we have been before.

"I just hope we can manage to finalise it in time so that the new engines are already running in 2006. This would be the perfect plan. If we can cut the costs by 50 percent by 2006 it would be a great job."

BMW motorsport head Mario Theissen was also optimistic.

"I think we have a chance," he said when asked whether the time frame was feasible. "We have a broad selection of individual proposals and we could see that an agreement can be reached on quite a significant part of this quite soon."

Theissen said there had also been progress on saving money by banning expensive materials and technologies.