LONDON — Formula One wants to further cost cuts by 2010, with teams running on $64 million budgets.

The governing body sent all teams a document proposing regulation changes and a budget decrease that could mean a drop of up to 75 percent for larger manufacturers.

The proposals were sent in December, according to Wednesday’s Financial Times, shortly after Honda pulled out of the sport. Honda, which has yet to find a buyer, had a reported budget of $290 million last season.

The ruling body is looking to slash costs at a time when auto manufacturers are bearing a heavy brunt from the worldwide economic crisis.

The paper said all teams would be required to use a kinetic energy recovery system (KERS) that allows for a reduction in carbon dioxide emissions without affecting performance. Other actions include standardized parts such as gearboxes, braking systems, suspensions and wheels.

F1 already is introducing changes for 2009, including a ban on in-season testing, longer-lasting engines and aerodynamic changes.