According to the official Formula 1 website, "It's also proposed that the wheel rims will be fitted with a rotating LED display panel, to provide information to spectators, while a bodywork display panel is also proposed for the same reason".
The switch to low-profile tyres isn't purely aesthetic, says F1.
As part of the deal, which comes on the heels of a double-digit increase in viewership since ESPN acquired the USA broadcast rights for F1 two seasons ago, ESPN Deportes will become the exclusive Spanish-language home for all F1 races in the US from 2020. A tyre with a stiffer side wall doesn't move as much, simplifying the aerodynamics and thus reducing development investment.
The FIA's head of single-seater matters Nikolas Tombazis estimated the new cars for 2021 would be "between three and three and a half seconds slower per lap".
The current generation of F1 cars lose between 40-50 percent of downforce when following another car's wake, otherwise known as dirty air. "We will have cars that are better able to battle on the track".
"This has teeth. If you fraudulently breach the financial regulations, you will be losing your championship", he said.
The economic changes will see teams limited to a budget of 175 million dollars, even though many can't reach this figure in the first place.
With a mock up of the new-look vehicle, which will be on the track in 2021, unveiled at the Circuit of the Americas, Ferrari's four-time world champion Sebastian Vettel suggested it will take something more than some "fancy pictures online" to win him over.
Further cost cutting measures include restrictions on the number of wind tunnel tests teams can do each week, with CFD simulations being preferred instead. Also, there will be a reduction in the number of times certain components can be replaced - like brake pads for example.
Extensive research has gone into making the 2021 vehicle concept easier to race than the present generation of F1 cars, reducing the overall loss of performance in dirty air. This covers anything related to on-track performance but excludes marketing costs, the salaries of drivers and of the top three personnel at any team.
To aid development of younger drivers, teams will be forced to run a driver who has completed two Global Positioning System or fewer in two session throughout the year, while race weekends will be condensed to counter the long season. Drivers can each use six before getting a penalty. "I don't know if it is a game-changing process, but it's never done until it's done, there won't be a flood of things that happen behind it but I think it's a positive step to go forward".
Formula One hopes it has found the formula to close the gap between teams fighting for championships and the cars bringing up the rear of the grid to create better and more compelling racing. The FIA firmly believes this is the start of a journey, not the end.
The full 2021 technical regulations can be found here. Independent regulators will be appointed to make sure teams aren't spending dollars they aren't allowed. There will therefore be ongoing discussions between F1, the FIA and the teams over the coming months about the details of the regulations.
Items like fuel pumps will now fall under a push for standardised parts and must be made to a prescribed design.