Pirelli will continue to supply tyres to the Formula 1 grid through to 2023, remaining as the sport’s sole supplier.
Pirelli took over from Bridgestone in 2011 but faced competition from Korean manufacturer Hankook and others when the FIA put out a tender earlier this season.
However, after examining all the options, motorsport’s governing body has opted to retain Pirelli.
“Pirelli have been an important and valued partner to Formula 1 since 2011,” F1 CEO Chase Carey said.
“They are leaders in providing innovative state of the art capabilities.
“They are a premium brand, a clear global leader in motorsport and our ongoing partnership with them is proof once more of our desire to align F1 with the best in motorsport and beyond.
“We are delighted to have reached this agreement, which guarantees a long-term stable future for such a crucial component of Formula 1.”
Pirelli welcomed the announcement, reaffirming their commitment to embrace new technical regulations including 18-inch tyres.
Marco Tronchetti Provera, Pirelli Vice President and CEO, added: “It’s excellent news that Pirelli is prolonging its partnership with Formula 1 until 2023.
“This new agreement extends our presence to a total of 13 seasons in the modern era, with Pirelli also present in 1950, when the World Championship was inaugurated.
“Formula 1 is and will remain the pinnacle of motorised competition: the perfect environment for Pirelli, which has always defined motorsport as its most advanced technological research and development laboratory.
“Formula 1 provides the perfect showcase for our Ultra High Performance road car tyres, which equip the world’s most desirable prestige and premium vehicles to guarantee the highest standards of performance, sustainability and safety.”