Motoracing - Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 26, 2018 Red Bullâ€™s Daniel Ricciardo in action during practice REUTERS/Benoit Tessier
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Formula One aims to have new engine regulations for 2021 drawn up by the end of June after a meeting with teams at the Monaco Grand Prix.Commercial rights holders Liberty Media and the governing FIA sat down with teams for an update on future plans and Mercedes F1 boss Toto Wolff told reporters progress had been made in some areas.Wolff said concessions had been made from Mercedes' standpoint, with acceptance that the MGU-H -- one of the two motor generator units on the current V6 turbo hybrid engine -- would have to go.Formula One announced in April it wanted to have cost caps and a more balanced distribution of revenues for the next cycle after the current team contracts and engine regulations expire at the end of 2020 .
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