Formula 1, the FIA and all 10 teams have unanimously agreed to delay the introduction of the 2021 technical regulations by a year to 2022.
The stakeholders held a conference call on Thursday to discuss the coronavirus pandemic and its impacts on the sport.
They decided that the best course of action was to delay the introduction of the technical rules until 2022, with the 2020 rules applying into 2021.
It is hoped that this will ease the financial burden on the teams, particularly at a time when their income may be reduced because of fewer races this year.
“All parties further discussed the current situation of the 2020 championship and how the sport will react to the ongoing challenges caused by the COVID-19 pandemic,” said the FIA in a statement.
“Due to the currently volatile financial situation this has created, it has been agreed that teams will use their 2020 chassis for 2021, with the potential freezing of further components to be discussed in due course.
“The introduction and implementation of the financial regulations will go ahead as planned in 2021, and discussions remain ongoing between the FIA, Formula 1 and all teams regarding further ways to make significant cost savings.
“All teams expressed their support for the FIA and Formula 1 in their ongoing efforts to restructure the 2020 calendar as the global situation regarding COVID-19 develops.
“All of these commitments will be referred to the relevant governing structures for final ratification.”