The FIA and the Automobile Club de I’Ouest have announced additional details about the upcoming hypercar prototype class to be introduced for the 2020/21 World Endurance Championship season.

Motorsport reports that the FIA and series promoter have agreed to a budget target of €20 million ($23 million) a season for a two-car factory team.

The new hypercar class was announced prior to June’s Le Mans 24 Hours with an initial budget of € 25-€30 million ($28-$34.5 million). However, the FIA was encouraged to rethink these figures following a push back from the IMSA governing body in North America that it wouldn’t adopt the rules unless large cost cuts were made.

Potential privateer entrants who purchase a car from a manufacturer or specialist constructor will have a budget of €16 million ($18.4 million).

The hypercar prototype class will replace the LMP1 class which has fallen out of favor among manufacturers because of its astronomical costs. In fact, Audi and Porsche are thought to have spent more than $200 million annually for their respective LMP1 campaigns.

Due to the lower budget, the hypercars will be markedly slower than LMP1 prototypes. Organizers estimate that the vehicles will qualify at Le Mans in roughly 3 minutes and 24-25 seconds. By comparison, LMP1 prototypes lap roughly 10 seconds faster. Due to these lap time differences, LMP2 vehicles will be slowed down to maintain a reasonable gap.

In addition to the announcement regarding the revised budget proposals, the FIA sent out renderings of how the hypercar racers may look to manufacturers last week in an attempt to entice them to join the category.

Manufacturers competing will have to meet certain performance targets with their vehicles. For example, there will be maximum downforce and minimum drag numbers which must be adhered to. Additionally, competing teams will not be able to continuously develop their designs through the life of the formula which is initially expected to run until the end of the 2024/25 season.

Manufacturers thought to be interested in the season are Toyota, McLaren, Aston Martin, and Koenigsegg. Despite participating in initial talks, both Ford and Ferrari have reportedly backed out of competing.

Renderings: Marco van Overbeeke