Honda Performance Development (HPD) has announced plans to adopt the new engine formula for the IZOD IndyCar Series starting in 2012.

HPD, who has been providing an Indy V-8 engine to all IndyCar competitors for the last years, will offer a new 2.4-liter, twin-turbocharged V-6 power plant when new engine specifications take effect in the series in 2012.

More importantly, the cost of a season-long lease for the 2012 Honda IndyCar engine will be reduced by up to 40 percent from current pricing.

In 2010, HPD and technical partner Ilmor Engineering continue to prepare and maintain the engines used by all teams during competition in the season-long IndyCar Series, which includes the Indianapolis 500.