Daimler CEO dismisses Mercedes F1 quit reports as 'not true'

Daimler CEO Ola Kaellenius has rubbished a report published saying that Mercedes are preparing to pull out of Formula One at the end of the coming season.

A report published jointly by Autocar and RaceFans.net on Wednesday claimed that Mercedes were on the verge of quitting Formula One and a board meeting on February 12 was scheduled where their future participation would be discussed.

At the German Auto Industry annual reception in Berlin, Daimler CEO Ola Kaellenius was asked directly about the report and he responded that the strory was, "Not true."

Reuters have since also revealed that their own sources within Mercedes have confirmed that there is no such meeting planned for that date.

In November of 2019, team boss and shareholder in the Mercedes F1 team, Toto Wolff, said that any future involvement in Formula One would have to make financial sense.

It is also true to say that, having been on top of the sport consistently since 2014 and the introduction of the turbo-hybrid era, it will be difficult for Mercedes to stay at the top of the sport with the introduction of drastically changing regulations for 2021.

"I think I am the one who is responsible for the motor racing activities, but I'm also the first one to acknowledge that in times when the auto industry is changing that all activities need to be looked at," Wolff said. "Formula One and motor racing generally is an activity that we believe is powerful, our core DNA. The first ever Mercedes was a race car.

"I think we need to become more efficient, I think we need to provide a solid business case. We need to reduce the contribution from Daimler into our exercise, and if we are able to achieve that, then we're in Formula One for the long term."

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