MADRID, Spain — Formula One’s feeder series announced cost-cutting moves Monday designed to cope with the global economic crisis.
The GP2 series will follow measures taken by F1. GP2 said overall costs will drop, specifically through less expensive car parts. The series has halted wind tunnel testing and decided that regular testing will stop after the first race of the season.
“We cannot ignore the world’s financial crisis that affects us all,” GP2 head Bruno Michel said. “We need to make sure we can go through the present delicate time by finding solutions both in the technical and sporting areas.”
Teams will cut staffs from 13 to 12 members for the second half of the season. GP2 is also ready to extend “exceptional credit” to teams if needed through spare parts.
F1 already has implemented cost-cutting measures that are expected to curb costs by up to 30 percent after Honda pulled out of F1 in December.
F1 champion Lewis Hamilton of McLaren, as well as current drivers Nico Rosberg of Williams and Renault Nelson Piquet Jr., emerged from GP2.
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