CEO of Ferrari acknowledges major problems: ''We're in a deep hole''

Ferrari's anniversary weekend did not turn out as they had hoped. Despite eight dropouts, Ferrari only managed to score five points. According to Ferrari's CEO Louis Camilleri, Ferrari are now simply sitting in a deep hole.

A new livery, new overalls, original helmets and even a red Safety Car. Every effort was made to make the anniversary weekend at our own Mugello a memorable one. However, one thing had not been thought of: a competitive car. Ferrari don't have one and it will probably stay that way for some time to come.

''We're just in a hole now and we know it. It's a mix of all sorts of factors, but everything I say comes across as an excuse and we're not one of them. We have to focus on the problems now and work with a lot of determination on the right future. Realistically, however, it will be difficult to be competitive before 2022," says Camilleri to Autosport.com.

''In Formula 1 you are always fighting on and off the track. There is no golden formula to solve all this. We have to do this step by step and congratulate Mercedes, who have done a great job. However, as a Ferrari, we are inseparable from Formula 1. We have been there from the start and are looking forward to the next 1000 races'', concludes the CEO.