Formula 1 teams have been called to an urgent meeting as they attempt to bring down the costs of competing in the sport.
FIA president Jean Todt revealed last weekend that plans for a cost cap have been scrapped but the sport's governing body remains keen to lower the cost of competing in the sport.
During a meeting of the World Motor Sport Council in Morocco, it was agreed that Formula 1's 11 teams will meet with Todt and Bernie Ecclestone at the start of next month.
'The FIA, the Commercial Rights Holder (CRH), and all the Formula 1 teams have recently confirmed their commitment to work on cost reduction', read an FIA statement.
'Accordingly, the FIA President Jean Todt and the CRH Bernie Ecclestone will organise a meeting with all the F1 Teams on 1 May 2014, followed by a F1 Strategy Group meeting, to clarify the means to achieve a substantial F1 Team cost reduction.'
The FIA also confirmed that investigations are ongoing with regards to improving the noise produced by Formula 1's new engines.
'As already announced, a study on engine noise is under way with preliminary results expected shortly', the FIA added.