Ferrari says 2020 will be a “critical” year in terms of its own Formula 1 spending and investment as the manufacturer seeks an end to its title drought.
Ferrari released its Q4 earnings earlier this week and recorded strong results across the board, attributing increased sponsorship and commercial gains mainly down to its Formula 1 activities.
Formula 1 is introducing an annual budget cap of $176m from 2021 (on the assumption of there being 22 rounds) but this does not apply to the 2020 season, prompting suggestions that leading teams will invest heavily before any restrictions become governed by the regulations.
The cap will not include marketing activities, driver salaries or costs associated with engine development.
Ferrari has finished runner-up to Mercedes in the Constructors’ Championship across the past three years but has not won the trophy since 2008.
“This year will prove to be quite critical in terms of Formula 1,” said Ferrari’s CEO Louis Camilleri.
“Our ambition remains as always, to seek to win. And that’s we will continue to invest in our infrastructure, resources and technological creativity as we continue to develop our 2020 car as the season unfolds.
“Furthermore, as you are aware, the new technical regulations that will come into force in 2021 will entail the development of our very substantially different car, which will obviously require additional resources and expenditures already this year.”
Camilleri underlined that he “would not disclose” the exact increase, but cautioned that the 2021 cap means the costs will gradually come down.
“In terms of Formula 1, [for] 2021, as we mentioned, [it] was sort of doubling up because we have to work on a totally brand-new car as opposed to developing one.
“So, you should assume that in 2021 and thereafter, the [cost of] Formula 1 cars should come down, not least because of the budget cap for a big portion of the car itself.”
Camilleri also dismissed suggestions that Ferrari would alter the balance of its resources, should it fail to put up a sustained challenge through early-mid 2020.
“We never give up and our ambition is to win,” he stressed. “And therefore, I don’t think we’ll put our foot off the pedal in terms of Formula 1 in 2020 or beyond.”
Ferrari will unveil its 2020 Formula 1 challenger in Italy on Tuesday (February 11).