Drivers and teams competed for the titles of World Drivers' Champion and World Constructors' Champion. Max Verstappen of Red Bull Racing dominated the opening 10 races with seven wins. The season as a whole was highly competitive, with a record-making six other drivers claiming multiple Grand Prix victories. McLaren driver Lando Norris emerged as Verstappen's closest competitor as the MCL38 began to consistently outperform the RB20.
Verstappen maintained his points advantage to win his fourth consecutive Drivers' Championship title at the Las Vegas Grand Prix. His title made him only the third drivers' champion, after Keke Rosberg in 1982 and Nelson Piquet in 1983, to win the drivers' championship with a team that finished 3rd or lower in the constructors' championship. McLaren surpassed Red Bull and achieved their ninth Constructors' Championship title at the Abu Dhabi Grand Prix, narrowly ahead of Ferrari by just 14 points. This was McLaren's first Constructors' Championship victory in 26 years, making them the first constructor other than Red Bull and Mercedes to win the title since Brawn in 2009.
All teams competed with tyres supplied by Pirelli. Each team was required to enter at least two drivers, one for each of the two mandatory cars. The only change from the drivers contracted at the beginning of 2023 occurred at the former AlphaTauri team, who replaced Nyck de Vries with Daniel Ricciardo from the 2023 Hungarian Grand Prix onwards. All driver and team combinations that competed in the final round of the previous season remained unchanged for the start of the next season for the first time in Formula One World Championship history.
In-season changes included Carlos Sainz Jr. withdrawing from the Saudi Arabian Grand Prix due to appendicitis, replaced by Ferrari reserve driver Oliver Bearman. Kevin Magnussen of Haas received a race ban for accumulating twelve penalty points, with Bearman replacing him at the Azerbaijan Grand Prix. Franco Colapinto replaced Logan Sargeant at Williams from the Italian Grand Prix onwards. Daniel Ricciardo was dropped from RB ahead of the United States Grand Prix, replaced by Liam Lawson. Jack Doohan made his debut at the Abu Dhabi Grand Prix, replacing Esteban Ocon at Alpine.
The 2024 calendar comprised a record twenty-four Grands Prix. The Chinese Grand Prix returned for the first time since 2019, and the Emilia Romagna Grand Prix also returned after being cancelled in the preceding year. The Japanese Grand Prix moved from October to April to group races in regional blocks. The decision appeal process was amended, reducing the deadline to submit a right of review request from fourteen to four days after an event, and introducing a fee. The structure of the sprint weekends was changed to separate them from the rest of the Grand Prix weekend, with two separate parc fermé periods. Drivers were allowed to use DRS one lap after a race start, safety car restart, or red flag restart, one lap earlier than in previous seasons. The FIA increased the number of internal combustion engine (ICE) components and associated power unit elements allowed per driver from three to four per season.
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