Ferrari has responded swiftly to the FIA's detailed plans for a tender process to introduce standardised engines and transmissions into F1, with the Italian team threatening to quit the sport if the radical plans are given the go-ahead.

Ferrari has responded swiftly to the FIA's detailed plans for a tender process to introduce standardised engines and transmissions into F1, with the Italian team threatening to quit the sport if the radical plans are given the go-ahead. Announcing prior to the Chinese Grand prix that it was looking towards a dramatic solution to reduce costs in light of the economic downturn, the FIA clarified its plans for stock engines and transmissions on its website today.

"On 17 October 2008 the FIA published an invitation to tender for a contract to supply engine and power transmission systems for use in the FIA Formula One World Championship," read the clarification statement that was posted by the FIA today on its website. "The FIA has received a number of questions from interested parties regarding that Invitation to Tender. In accordance with the FIA’s Tendering procedures, the replies are set out in the relevant section of the FIA website. The Tender schedule for transmission-only bids has also been updated. Bids for engines and transmissions in combination and bids for the supply of engines alone must be submitted by 7 November 2008. A minimum of three further weeks will be given to those considering transmission-only bids," the FIA statement concluded.

Meanwhile Ferrari's board met today in Maranello and it released the following statement: "The Board of Directors of Ferrari SpA met today under the chairmanship of Luca di Montezemolo, to examine the third quarter results. Ferrari recorded 450 million euros in revenues (up 22.3% year-over-year), and a trading profit of 79 million euros (17.6% of revenues), up 41.1% from the 56 million euros figure (15.2% of revenues) for Q3 2007.

"The Board of Directors also examined the proposed changes to the Formula 1 regulations, in the light of the current global economic crisis," the statement issued in Maranello continued. "Whilst reiterating its wholehearted commitment to a substantial and needed reduction in costs in Formula 1, starting with propulsion, the Ferrari Board of Directors expressed strong concerns regarding plans to standardise engines as it felt that such a move would detract from the entire raison of a sport with which Ferrari has been involved continuously since 1950, a raison d'etre based principally on competition and technological development. The Board of Directors expressed the opinion that should these key elements be diminished, it would have to re-evaluate, with its partners the viability of continuing its presence in the sport," the Italian carmaker concluded.