of a series of races, known as Grands Prix, held on purpose-built circuits or closed city streets, whose results determine two annual World Championships, one for drivers and one for constructors. The cars race at speeds often in excess of 320 km/h (200 mph). For 2006 a new formula has been implemented in order to slow the cars down. It consists of normally-aspirated V8 engines with a displacement of 2.4 litres, providing around 750 bhp at nearly 20,000 rpm. Furthermore a special emphasis is put on electronics, aerodynamics, suspension and tyres. However, the formula has seen many evolutions and changes through the history of the sport.

The powerplants used have ranged from normally-aspirated straight-4 engines to supercharged V12 engines, the levels of displacement have ranged from 1.5 litres to 4.5 litres, and the maximum power achieved in the history of the series has been around 1200 bhp, during the turbo era.

Europe is Formula One's traditional centre and remains its leading market; however, Grands Prix have been held all over the world, and with new races in Bahrain, China, Malaysia and Turkey, its scope is continually expanding. As the world's most expensive sport, its economic impact is significant, and its financial and political battles are widely observed.

Its high profile and popularity makes it an obvious merchandising environment which leads to very high investments from sponsors translating into extremely high monetary budgets for the constructor teams, however, in recent years several teams have gone bankrupt.

The sport is regulated by the Federation Internationale de l'Automobile, with its headquarters in Place de la Concorde, Paris. Its President is Max Mosley. Formula One's commercial rights are vested in the Formula One Group, now owned by Alpha Prema. Although now a minority shareholder, the sport is still generally promoted and controlled by Bernie Ecclestone.

Many records have been broken in the 21st century in the hands of German Michael Schumacher. Fernando Alonso has recently also contributed as the youngest ever crowned champion. The early 2000s were dominated by Michael Schumacher and a resurgent Ferrari. In 2001, Schumacher set the new record for the most Grands Prix ever won; the earlier record holder was Alain Prost, with 51 wins to his name.

 In 2002, Schumacher also set a new record by claiming the championship earlier in the season than any previous driver by winning the French Grand Prix in July that year.^[2] In 2003, Schumacher claimed his sixth championship title, beating the earlier record-holder, Juan Manuel Fangio with five championships. His record now stands at 7 championships. In 2003 Fernando Alonso became the youngest ever pole sitter by qualifying first at Malaysia. Later that year he became the youngest ever winner of a Grand Prix when he took the chequered flag in Hungary.

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