McLaren team boss Andreas Seidl is hopeful that Formula 1 can attract new or returning entities when new engine regulations are introduced in 2026.
Formula 1 has used 1.6 litre V6 power units since 2014 and while there will be an overhaul of the technical regulations for 2022 the current engine formula will remain in place through 2025.
Formula 1 currently has four engine manufacturers though is set to lose Honda following next season after the Japanese company realigned its long-term goals.
“There have been some good discussions and initiatives to see if you could get costs down, simplify the power units also in order to be more attractive for the likes of Ilmor or Cosworth,” he said.
“I think that’s something that needs to be looked into again.
“I’m sure Stefano [Domenicali], Ross [Brawn] and F1 will look into it also. I think Stefano is the right man to look into that, also working with the VW Group, I’m sure that’s quite high up the list of priorities.
“And also with my experiences in the past we have seen in projects like LMP it is definitely possible with the help of the regulations also and with the limitations on the budget side which were self-imposed on the budget side on this time, that you can actually still have powertrains with leading edge technology but for a lot less money.
“I think that’s something that needs to be put on the table again.”
Seidl nonetheless reckons Formula 1 first has to define its exact ambitions for the post-2025 regulations.
“One [direction] is to keep trying to have power units in Formula 1 also in the future which are leading edge technology and a path to develop future road car technology,” he said.
“Or you go in another direction which means you go for power units which are a lot less complex and a lot cheaper moving forward.
“I think that’s the key question that needs to be answered first before you can go into timelines of potential newcomers coming into Formula 1.”