The Ferrari chairman Luca di Montezemolo says Formula One teams have unanimously agreed to reduce engine costs by more than 30 million dollars by 2011.
Montezemolo recently presided over a meeting of the newly founded Formula One Teams Association.
He says they unanimously decided that by 2011 an engine will cost 10 million dollars, compared to the more than 40 million they used to cost.
Montezemolo also revealed that he smashed a television set after watching McLaren's Lewis Hamilton snatch the world title from Felipe Massa at the final Grand Prix of the season at Interlagos.
