This morning (May 9), the five manufacturers - BMW, DaimlerChrysler, Honda, Renault and Toyota, issued the following press release:

At a meeting yesterday, the five manufacturers BMW, DaimlerChrysler, Honda, Renault and Toyota agreed to formally establish a new manufacturers' association to jointly represent their interests in Grand Prix motor racing.

The manufacturers also discussed engine regulations and agreed to propose to use 2.4 litre V8 engines until the end of 2008 in order to ensure stability for engines for three years. Beyond 2008, the manufacturers will jointly develop a new engine proposal for the sport. The manufacturers look forward to meeting with the FIA in the near future to discuss this and other matters concerning regulations post 2007 and will continue to work in conjunction with the nine teams.

Following the events of the past week in Formula One, the manufacturers again confirmed that the issue of sporting governance is central to the comprehensive set of governing principles which the manufacturers unanimously agreed in January 2005. One of their objectives is to have a definitive interpretation of the applicable regulations through an independent, readily accessible and swift appeals process, administered by an internationally recognised body, in accordance with the practice of other major sports.