Coventry and Warwickshire firms which will also benefit are: Richmond Design and Marketing Limited, Expert Tooling and Automation Ltd, Envisage Group Ltd, Lear, Covrad Heat Transfer Ltd, Warwick Manufacturing Group, and Drive System Design Ltd.

BBC: Coventry engineering jobs boost from grant

Mosley, 69, said one of the areas where costs could be reduced was the "drive-train" - the group of components that generate power and transfer it to the track, including the engine and gearbox.

BBC: Mosley wants action to 'save' F1