Red Bull and Toro Rosso have confirmed that Honda will remain in Formula 1 and power their cars from 2021.
The Japanese manufacturer returned to the sport in 2015 with McLaren after the introduction of the current V6 hybrid regulations a year earlier.
That partnership would only last three years as Honda struggled to become competitive, agreeing a swap deal with Toro Rosso for 2018.
The change of environment worked as the company made significant strides with their engines, convincing Red Bull to ditch Renault for this season.
Honda’s progress has continued with Max Verstappen scoring three wins and three poles, though he would lose the P1 in qualifying in Mexico.
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As F1 readies to enter a new era in 2021, the engine regulations are set to remain largely unchanged after plans were dropped. And with future potential looking strong, Honda has confirmed they will be staying on the grid.
Before the announcement, however, Honda’s F1 chief Masashi Yamamoto admitted the financial aspect would be the most critical factor in their decision.
“We have started to calculate how much it will cost with the future regulations,” he said via Motorsport.com
“We have noticed that it’s very tough for all the car manufacturers at the moment, because of the environment change for electrification. So, we are summing up the development cost and having discussions internally.
“It is true that cost is the biggest issue.
“Winning is the first priority. Once we decide to participate, we just try to win.
“It’s positive to have good results, but the more important thing is a balance with the cost. We have to put lots of budget to accelerate our development to catch up the top runners.
“And now we are planning how to maintain the current condition and reducing the cost at the same time.”
No confirmation has been given yet of the length of Honda’s extension but more reaction will come in due course.