Formula One teams have unanimously agreed to reduce engine costs by more than 15 million euros ($19.2 million) by 2011, Ferrari chairman Luca Cordero di Montezemolo said Sunday. Montezemolo recently presided over a meeting of the newly founded Formula One Teams Association, or FOTA. “We are working with all the teams to reduce costs even more for 2010 and 2011,” Montezemolo said at Ferrari's end-of-season celebration. “We unanimously decided that by 2011 an engine will cost 5m euros ($6.4m), compared to the more than 20m euros ($25.5m) they used to cost.” Auto racing governing body FIA recently announced it was moving forward with plans to have a sole engine and transmission supplier beginning in 2010.
