IndyCar has pushed back the introduction of its hybrid power unit formula to 2023 in an effort to spread out costs for teams and manufacturers in an uncertain economy.
The hybrid formula is part of a multi-year contract extension IndyCar has reached with Honda and Chevrolet, which promises a continuation of manufacturer competition and also provides opportunities for additional manufacturers to join the series.
The newly designed powertrain system also will provide a departure from the traditional, manual handheld starters and will let drivers restart the car quickly should it stall on the track.
This will benefit the AMR IndyCar Safety Team as it reduces exposure time on track and aims to improve the fan experience by reducing the number of caution flags on track.
Ted Klaus, president of Honda Performance Development, said: "Honda welcomes this step to the future by IndyCar, action that mirrors Honda's efforts to develop and manufacture high performance, electrified products that will meet industry challenges and delight our customers.
"At Honda, we race to develop our people, to innovate technologies and to engage fans. We are proud of our uninterrupted, 27-year leadership in INDYCAR, and look forward to delivering a next-generation Honda 2.4-litre hybrid power unit with more than 900 horsepower."
Dave Gardner, executive VP of National Operations for American Honda Motor Co., Inc. added: "Motorsports and competition help define who we are as a company.
"IndyCar's transition to an electrified formula aligns with our business direction in this region.
"We look forward to the thrilling new era ahead in North American motorsports."
Mark Reuss, president of General Motors, stated: "Chevrolet has enjoyed great success since joining the NTT IndyCar Series in 2012 with our 2.2-litre, twin-turbocharged, direct-injected V6 engine.
"We are thrilled to be moving forward with IndyCar because it's the perfect showcase for our engine technology, in the only open-wheel racing series in America, a high-tech, growing series that Roger Penske and his team are absolutely taking to the next level."