• Ferrari chief says they know they are stuck in a hole.
• The Italian team has no intention of pulling out of F1.
• The team hopes for a reset in 2022 with new regulations.
• For more motoring stories, go to www.Wheels24.co.za
Ferrari chief executive Louis Camilleri says that the iconic Formula One team knows they are "stuck in a hole" after watching his drivers finish outside the podium places at the Tuscan Grand Prix.
Charles Leclerc and departing four-time F1 champion Sebastian Vettel were eighth and 10th respectively at Mugello on Sunday, encouraging results after two pointless races at Spa-Francorchamps and Monza but hardly inspiring on their 1000th GP.
"We're in a hole now, and we know we're in a hole," he said.
"It's a confluence of factors, but anything I say will come across as excuses. And we're not into excuses.
"So what matters is to focus on the issues we have and to work hard with determination to get back to what we consider to be our rightful place."
Camilleri, who was at Mugello with chairman John Elkann, made clear the Italian outfit had no intention of even considering pulling out of Formula One.
"I think Ferrari and F1 are sort of joined at the hip," he said.
"How to imagine F1 without Ferrari? Or the other way around?
"We've been there forever and we're the only team. Others come and go. And yes, history creates pressure too - so we're looking forward to the next thousand."
Next year Formula One will introduce certain changes which include a cost cap of $175 million per team, per season.
"We will take time and I am hoping, that with a bit more flexibility in the regulations next year, we can at least step up from where we are now.
"Hats off to Mercedes. They have done an incredible job. We will see, in 2022, with new regulations, if it creates a re-set... That's our hope.