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Daimler To ‘Aggressively' Cut Mercedes F1 Team’s Budget

Daimler CEO Ola Kaellenius has announced that they are planning to slash the budget of the Mercedes F1 Team, but he reaffirmed their commitment to Formula One. Speaking at a virtual roundtable event with reporters earlier this week, the CEO of the Mercedes F1 Team’s parent company said: “We have as little reason to step out of Formula One as Bayern Munich has to step out of football.” READ: Pierre Gasly Looking To Replace Esteban Ocon At Renault Continuing, he said: “The net financial impact [of competing in F1] 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.” A $145 million budget cap...
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