(CNN) -- Formula One has responded to the global economic downturn and the shock departure of Honda with a raft of cost-cutting measures for 2009 and following seasons.
Honda's Formula One headquarters in Northampton is set to go after their pull out.
World motorsport's governing body, the FIA, in conjunction with the Formula One teams, announced the changes in Monte Carlo on Friday, with the key component a saving on engine costs.
FIA president Max Mosley's idea of a standardized engine for the 2010 season did not find favor, but measures will be introduced to ensure longer-lasting engines, limits on expensive testing and off-the-shelf cheaper engines for smaller teams.
In 2009, each driver will be limited to a maximum of eight engines over the season.
Teams will also be allowed four engines for testing, with power limited to 18,000 revolutions per minute.
In 2010, smaller independent teams will be able to source an engine from a supplier or manufacturer for approximately $6.6 million, half the current cost.
The teams have also agreed manpower will be reduced by means of a number of measures, including sharing information on tires and fuel to eliminate the need for 'spotters'.
The FIA estimate the list of changes for 2009 will save the manufacturer teams approximately 30% of their budgets compared to 2008, with the savings for independent teams even greater.
Changes to be introduced after next season are even more radical, with races set to be shortened to save money, with refueling banned from 2010, which could prove popular with fans who want more overtaking.
"The teams have played a major role in these developments. The FIA is very grateful to FOTA (F1 team's association) and to its president Luca Di Montezemolo for their incisive contribution," an FIA statement read.
Honda's decision last week to pull out of Formula One, coming after the demise of the smaller Super Aguri team, sent shockwaves through motorsport's elite category, with fears that the sport could collapse.