London, Oct 28 (ANI): Ferrari believes that a move to use standardised engines would negate their reason for existing in Formula One.

Ferrari warned on Monday that they could quit formula one if the sports governing body continues with its plans to slash costs, the Guardian reported.

The famous Italian team, which has been in Formula One since its inauguration in 1950, sent a firm signal to the FIA president, Max Mosley, that his idea of introducing so-called standard engines into the sport would take away their raison detre for competing in motor racing.

Last week the Ferrari team sporting director, Stefano Domenicali, and Toyotas formula one vice-president, John Howett, met Mosley to discuss the issue of cost-cutting, which would also help the smaller teams survive.

But the issue of standard engines has pushed them too far. Ferrari, in a statement released following a board meeting on Monday, said they fully agreed with the need for a substantial and necessary reduction of costs.

But the Italian firm said it had major reservations over any proposals that would lead to teams using the same engines: It would deprive Formula One of its whole reason for existing, which is based on competition and technological development.

If these elements were to become obsolete, our administrative council [board] reserves the right, after consultation with its partners, to evaluate whether we remain committed to the discipline [of Formula One]. (ANI)