Hankook confirms F1 tire supply bid

Hankook confirms F1 tire supply bid

Formula 1

Hankook confirms F1 tire supply bid

Hankook has confirmed it has been accepted by the FIA as a bidder to be the next Formula 1 tire supplier from 2020-2023.

F1’s governing body opened up a tender in August, calling for expressions of interest that had to be submitted by August 31. From the interested parties, the FIA would then judge whether those companies comply with technical and safety requirements before giving the commercial rights holder – Liberty Media – a list of approved bidders with which it can then hold commercial discussions.

The deadline for the FIA’s decision regarding compliance was September 14, and Korean manufacturer Hankook has now confirmed to RACER that it has been approved as a bidder.

Liberty Media will now carry out commercial negotiations with both Hankook and Pirelli – the current supplier having also applied to continue in F1 – before suggesting which company it proposes be selected by the FIA. It will then be down to the FIA to officially contract the next tire supplier.

While Pirelli’s desire to continue was already known, interest from other suppliers was limited due to the next tender covering two different sets of tire regulations. The current tire dimensions will be used in 2020 – the first year of the tender – before 18 inch wheels are introduced from 2021 for the remaining three years of the next contract. That means if Hankook is successful, it will have to develop tires for just one season of racing before working to the 2021 regulations.

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