GPWC said on Tuesday that International Sports and Entertainment AG would "start building immediately the operational and commercial structure for a new open-wheel motor racing series, to begin no later than 2008".
GPWC groups BMW, Mercedes, Ferrari and Renault. The carmakers are unhappy with the current division of Formula One's commercial rights, held by the SLEC holding company set up by the sport's supremo Bernie Ecclestone and controlled by banks.
Teams are bound by the existing "Concorde Agreement" until the end of 2007. The carmakers have been demanding a far greater share of revenues before that date.
"We have been more than patient with the current management and governance of Formula One, but recent developments have underlined the need for a structure that guarantees a stable and prosperous future of the sport," said GPWC chairman Juergen Hubbert in a statement.
Ford announced in mid-September it was pulling its Jaguar team and Cosworth engine maker out of Formula One at the end of the season because it could not make a compelling business case to continue.
The 2004 season finished in Brazil at the weekend.
