Formula 1: The Official History: fully revised and updated

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In 2022, a major rule and car design change was announced by the F1 governing body, intended to promote closer racing through the use of ground effects, new aerodynamics, larger wheels with low-profile tires, and redesigned nose and wing regulations.

Permanent circuits, however, can generate revenue all year round from leasing the track for private races and other races, such as MotoGP.

Therefore, it is possible for a driver to receive points even if they retired before the end of the race. By 2006, the manufacturer teams – Renault, BMW, Toyota, Honda, and Ferrari – dominated the championship, taking five of the first six places in the Constructors' Championship. The start of the 2020 season was delayed by several months, [62] and both it and 2021 seasons were subject to several postponements, cancellations and rescheduling of races due to the shifting restrictions on international travel.

Three-time World champion Nelson Piquet famously described racing in Monaco as "like riding a bicycle around your living room". See also: List of Formula One Grands Prix World map showing the location of Formula 1 Grands Prix: countries marked in green are on the current race schedule, those in dark grey have hosted a Formula One race in the past.The number of cars eliminated in each period is dependent on the total number of cars entered into the championship. The Monaco Grand Prix was first held in 1929 and has run continuously since 1955 (with the exception of 2020) and is widely considered to be one of the most important and prestigious automobile races in the world. This requirement distinguishes the sport from series such as the IndyCar Series which allows teams to purchase chassis, and " spec series" such as Formula 2 which require all cars be kept to an identical specification. Following their purchase of the commercial rights to the sport in 2017, Liberty Media announced their vision for the future of Formula One at the 2018 Bahrain Grand Prix. Formula One cars are the fastest regulated road-course racing cars in the world, owing to very high cornering speeds achieved through generating large amounts of aerodynamic downforce.