(CNN) -- From the outside, Formula One looks like a sport brimming with money, with millions of dollars spent on cars, sponsorship and the rights to host races.
But in reality many of the 12 teams on the grid are struggling to survive, and F1 supremo Bernie Ecclestone is reportedly considering a flotation on the stock exchange in an attempt to raise much-needed funds.
The possibility of such a measure, however, has not been backed by some of the elite motorsport's most influential players -- including bosses of the McLaren and Ferrari teams.
"The fact is at the moment, we all know in this room that there's a lot of Formula One teams that are struggling to survive," McLaren team principal Martin Whitmarsh told a press conference after Friday's practice sessions for the Malaysian Grand Prix. "Which tells us we're not doing enough, and that's why we've got to keep pushing it."
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The 2012 Formula One season sees the introduction of a four-hour limit for races, following last year's rain-delayed marathon in Canada. Charlie Whiting, the FIA's race director, explained the decision, telling the sport's official website: "Should four hours elapse during a future race, drivers will receive a signal telling them they have one more lap before the checkered flag."
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British team Williams became the first F1 team to float on the stock exchange in March 2011, but Whitmarsh's Ferrari counterpart Stefano Domenicali also voiced his concern at the possibility of F1 taking a similar step.
"Thank God that our (Ferrari's) situation is very good in terms of our financial position for the future," he said. "But we know that the situation of Formula One is not so stable.
"We know that there's a lot of struggle around, so we need to put aside our self-interest a little bit to make sure that we can look ahead. Because this is a very critical period where ... we know that it's very tough."
But not all teams agree that spending should be regulated by the sport's global governing body, the FIA.
Austrian-owned Red Bull have dominated F1 for the last two years, claiming back-to-back drivers' and constructors' championships.
Red Bull's team principal Christian Horner welcomed the possibility of further talks on the issue, but hoped a different solution could be found.
"Hopefully with some productive discussion going forward a solution can be found to make Formula One cost-controlled for the top teams, but also make it affordable for the teams in the middle of the grid and at the back of the grid," he said.
"The cost of being competitive in Formula One at present is too high. I don't think anyone will dispute that. The debate is how we achieve it."
It was a good day on track for McLaren, as 2008 world champion Lewis Hamilton set the fastest time in both practice sessions ahead of Sunday's race in Malaysia.
The British driver was on pole position for last weekend's season-opening Australian Grand Prix and he once again showed his pace, edging out Mercedes' seven-time world champion Michael Schumacher in the afternoon run.
"It's been a good day for me," said Hamilton, who finished third in Melbourne last Sunday.
"We've made a few changes to the balance of the car since the last race and I'm much happier -- but we'll still be making changes to improve our long-run pace, which can always be better."
Hamilton's teammate Jenson Button was victorious in Australia and he was quick again, registering the third-fastest time at the Sepang International Circuit.
Schumacher's fellow German and Mercedes teammate Nico Rosberg was fourth, ahead of Toro Rosso's Australian driver Daniel Ricciardo.
Double title winner Sebastian Vettel of Red Bull, who has taken the checkered flag at the last two races in Malaysia, was down in 10th after placing second in the opening session.
His teammate Mark Webber was seventh, one place behind Ferrari's two-time Sepang champion Fernando Alonso.
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Malaysian Grand Prix: March 25, Kuala Lumpur 
Chinese Grand Prix: April 15, Shanghai 
Bahrain Grand Prix: April 22, Sakhir 
Spanish Grand Prix: May 13, Catalunya 
Monaco Grand Prix: May 27, Monte Carlo 
Canadian Grand Prix: June 10, Montreal 
European Grand Prix: June 24, Valencia 
British Grand Prix: July 8, Silverstone 
German Grand Prix: July 22, Hockenheim 
Hungarian Grand Prix: July 29, Budapest 
Belgian Grand Prix: September 2, Spa 
Italian Grand Prix: September 9, Monza 
Singapore Grand Prix: September 23, Singapore 
Japanese Grand Prix: October 7, Suzuka 
Korean Grand Prix: October 14, Yeongam 
Indian Grand Prix: October 28, New Delhi 
Abu Dhabi Grand Prix: November 4, Yas Marina 
United States Grand Prix: November 18, Austin 
Brazilian Grand Prix: Sao Paulo, November 25 
Teams can no longer use engine exhaust to produce large amounts of downforce -- a practice which has been prevalent for the last two years in the form of blown diffusers. Now exhaust pipes must exit in a defined area at the back of the car, not run along its underbelly.
Many of this year's cars feature a dramatic stepped-nose design. Whiting said this is to make sure the height of the nose was lower than the sides of the cockpit, therefore reducing the risk to the driver in the event of a collision.
In previous seasons, cars had to pass crash tests in order to compete in races. Now, cars must pass the FIA's 18 mandatory tests before the official preseason test events. "It is indefensible to have drivers testing cars in the winter that haven't met the safety standards we demand for a race," said Whiting.
As bizarre as it may sound, drivers have been told not to drive off the race track without good reason. "We've seen drivers taking shortcuts on in and out laps, either to save time or fuel," explained Whiting.
Pit stops are a crucial part of F1, and a race can be won or lost depending on how quickly the crew are able to replace a car's tires. In an attempt to save valuable time, teams have been known to power their wheel guns with compressed helium instead of air. But not anymore. "It saved fractions of a second," Whiting said. "It would have been a very expensive method of gaining no advantage."
The gulf in class between some cars means that the leading drivers often lap back-markers during a race. The safety car is deployed if there has been an accident on track or if conditions become dangerous. Drivers are not allowed to overtake each other under such conditions, but in 2012 strugglers will be able to un-lap themselves by going past the safety car and reforming at the back of the field.
Each driver is allowed 11 sets of tires to use over the course of a race weekend, but they must last through practice, Saturday qualifying and Sunday's race. Previously teams could only use three of their sets during Friday practice, but they will now be able to use as many as they like.
The highlight of any grand prix is seeing drivers attempt daring, fast-paced overtaking maneuvers. But now, when a driver has someone behind them, they are allowed to make only one defensive move to protect their position. This rule is to prevent potentially dangerous blocking strategies.
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