Daimler: 'No reason why we should leave F1'

It was indirectly announced last week that Mercedes won't leave Formula 1. On Wednesday, Daimler also confirmed this through Ola Källenius. The CEO of Mercedes' parent company states that there is currently no reason to turn their backs on the pinnacle of motorsport.

“We have as little reason to step out of Formula One as Bayern Munich has to step out of football,” Källenius is quoted by Reuters press agency during an online meeting with several journalists.

However, the top executive states that Daimler is working to reduce costs and reduce the environmental impact of motorsport. The German organisation is working on a plan to reduce emissions in sport to zero. The use of synthetic fuels, for example, should make this possible. Costs must also be reduced.

"The net financial impact will be halved in the next three years. We have an even more aggressive cost reduction target in Formula One than for the rest of the company," Källenius said.