New F1 CEO Chase Carey has revealed that a new engine, cost cuts, and fairer income distribution should lead to better racing in the future.

Currently, the American says he is enjoying the Mercedes versus Ferrari battle at the front, but he said other teams should also be in the hunt to win.

"We are already putting some initiatives in place," he told Germany's Auto Bild.

"One is the new engine. Hats off to Mercedes, who mastered what we have now, but the different in performance is too great. So we want to simplify things with the motto: louder, cheaper, better.

"Another area is costs," the 63-year-old continued. "There are teams that spend $500 million a year right now, while for others it's $100m. This hinders and distorts the competition.

"The goal must be that the teams can make money in the sport, but the truth is that at the moment no team is making a profit," Carey added.

(GMM)