Pirelli will continue as Formula 1’s sole tyre supplier until the end of 2023 after officials confirmed on Sunday it had won the tender for the 2020-23 seasons.

Pirelli has supplied tyres to F1 since the 2011 season, but faced competition from Korean manufacturer Hankook for the new contract that was up from the start of the 2020 season.

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Following an evaluation process by the FIA over the past two months, it was announced on Sunday ahead of the 2018 season finale in Abu Dhabi that Pirelli had won the tender, ensuring it would continue to supply F1 with tyres through to the end of the 2023 season.

The new contract will see Pirelli switch to 18-inch wheel rims for the 2021 season as part of F1’s overhaul of the technical regulations for that season.

“Pirelli have been an important and valued partner to Formula 1 since 2011,” F1 CEO Chase Carey said.

“They are leaders in providing innovative state of the art capabilities. They are a premium brand, a clear global leader in motorsport and our ongoing partnership with them is proof once more of our desire to align F1 with the best in motorsport and beyond.

“We are delighted to have reached this agreement, which guarantees a long-term stable future for such a crucial component of Formula 1.”

“I am happy to have Pirelli appointed for another period as official tyre supplier to the FIA Formula 1 World Championship,” said Jean Todt, FIA president.

“It will allow all of us to enjoy the experience gained since 2011. We know how crucial and difficult is the role of the tyre supplier and, particularly, in Formula 1.”

Marco Tronchetti Provera, Pirelli Vice President and CEO, added: “It’s excellent news that Pirelli is prolonging its partnership with Formula 1 until 2023. This new agreement extends our presence to a total of 13 seasons in the modern era, with Pirelli also present in 1950, when the World Championship was inaugurated.

“Formula 1 is and will remain the pinnacle of motorised competition: the perfect environment for Pirelli, which has always defined motorsport as its most advanced technological research and development laboratory. 

“Formula 1 provides the perfect showcase for our Ultra High Performance road car tyres, which equip the world’s most desirable prestige and premium vehicles to guarantee the highest standards of performance, sustainability and safety."