PARIS (July 6, 2006) — Bridgestone Corp. has been selected as the sole tire supplier to Formula One for the 2008-2010 seasons.
Formula One's governing body, the Federation International de l´Automobile (FIA), decided in May to select a single supplier and received bids until June 23.
Pirelli & C. S.p.A. also said it was considering entering a bid, but Group Michelin—which now supplies Formula One with Bridgestone—said it declined to make a bid. Bridgestone already was poised to be the sole tire supplier next season as Michelin said to voice its displeasure with the single tire supplier rule it would not compete.
FIA said the single supplier rule is aimed at cutting the cost of competing in Formula One as well as curbing cornering speeds.