Formula One racing teams have formally agreed to a series of cost-cutting measures.

The Formula One Teams Association met in London yesterday and signed an agreement to limit the use of wind tunnels for aerodynamic testing in the 2009 season.

They also agreed to develop low-cost transmissions starting in 2010 that would be used for six races, and to supply low-cost engines to independent teams.

The changes were announced last month by governing body FIA.

They come as automakers are reeling from the global financial crisis. Honda announced last month that it is pulling out of F1.

Sapa-AP

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