new major technical changes were announced for 2014 (source and quotes from: F1.com):
Engine – The 2.4-litre normally-aspirated V8 engines will be replaced by 1.6-litre V6 turbo engines that will reach a maximum of 15,000rpm.
Gearbox – gearboxes are to have eight forward ratios rather than the current seven
Energy Recovery Systems (ERS) – a larger proportion of each car’s power will come from ERS which, together with the engine, make up the powertrain or power unit. As well as generating energy under braking, ERS units will also generate power using waste heat from the engine’s turbocharger. Unlike the current KERS – which give drivers an extra 80bhp for six seconds per lap – the 2014 ERS will give drivers around 160bhp for 33 seconds per lap. To compensate for the extra power being generated under braking by ERS, teams will be allowed to use an electronic rear brake control system.
Fuel – fuel will be limited to 100kg per race with the aim of promoting fuel efficiency.
Minimum weight – to compensate for the increased weight of the 2014 powertrain, minimum weight has been increased from the current 642kg to 690kg.
Front and rera wings – front wings will be a little narrower with the width reduced from 1.80 metres to 1.65 metres. The rear wing will also look a little different in 2014 compared to 2013′ models. The lower beam wing is being outlawed and the main flap will be slightly shallower in profile.
Exhaust – unlike today where two exhaust tailpipes are used, the 2014 regulations mandate the use of a single tailpipe which must be angled upwards to prevent the exhaust flow being used for aerodynamic effect. Additionally, bodywork is not allowed to be placed behind the tailpipe.
Nose height – for safety reasons the height of noses will be reduced in 2014. The maximum height is currently 550mm, whereas next year it’s 185mm.