David Reynolds has been fined $25,000 for derogatory comments made about the Bathurst 1000 entry of Simona de Silvestro and Renee Gracie.
Both de Silvestro and Gracie are making their debut at Mount Panorama this weekend, sharing a Prodrive-run Falcon FG X.
Reynolds referred to their entry as the "p***ywagon" in today's press conference.
V8 Supercars CEO James Warburton condemned Reynolds' comments.
"Reynolds' comments were disgraceful and completely unacceptable in our sport and he has been fined $25,000," Warburton said in a statement.
"Women are an integral part of our sport, whether they are fans, drivers or team members.
"And V8 Supercars will continue to support and promote female participation at all levels of our sport."
"I unreservedly apologise for a comment I made in a press conference earlier today in relation to my female team-mates," Reynolds said in a statement released shortly after the fine was announced.
"While it was intended to be humorous, I understand it has caused offence. As I stated in the press conference I genuinely hope they perform well as they are both highly-talented as they showed today with their pace.
"We all get on very well and I’ve spent a lot of time with them this week helping them prepare for this race.
"People know I am a little left-of-centre with my humour but I understand today I took it too far. I have personally apologised to Renee and Simona and I fully accept the penalty handed down by V8 Supercars and any subsequent team sanctions."