Ferrari look to boost performance by increasing spending

Ferrari are looking to increase their Formula 1 budget in an attempt to finally win another world title.

The Italian team have not won a World Championship in 10 years and they are targetting the 2019 season as the year to end this absence. 2018 could have been the year for Ferrari, who were believed to have to the quickest car, but errors both on and off the track meant this couldn't happen.

Ferrari are looking to increase their Formula 1 spending to increase their chances of winning again.

"While our Formula 1 performance last year was the best one since we won the constructors' championship in 2008, we fell short of our ambition to raise the winners' cup," Ferrari chairman and CEO Louis Camilleri told investors in a conference call as quoted by Autosport.

By increasing their spending, Ferrari will be looking to be more competitive than 2018 and will aim to end the era of Mercedes dominance.