MILAN (AP) - Ferrari president Luca Di Montezemolo is urging Formula One to look into immediate cost-cutting strategies.
The series has seemed largely immune to the European financial crisis.
On Wednesday, Montezemolo says on Ferrari's website that F1 cannot ``ignore'' the crisis anymore and ``we need to tackle urgently and with determination the question of costs.''
Ferrari was among the first to quit the teams' association last year in a dispute over cost reductions.
The teams are in discussions with motorsport's governing body - the FIA - over a new contract. The current deal runs out at the end of the season.
Montezemolo adds ``Ferrari is in agreement with the FIA's position that drastic intervention is required ... the question has to be tackled at the highest level, without further delay.''