Marchionne: Ferrari has ‘failed’ in 2016

Sergio Marchionne (R) with Bernie Ecclestone

Ferrari President Sergio Marchionne has conceded that the outfit has "failed" in 2016, due to its inability to emerge at the head of the Formula 1 pack.

Marchionne, who took over from Luca di Montezemolo towards the end of 2014, set Ferrari the target of competing for this year's title, having finished as runner-up to Mercedes last season.

However, Ferrari has not won a race this season, failed to score a podium finish since Austria, and slipped to third in the Constructors' Championship, behind Mercedes and Red Bull.

"I think we failed our target, I don't think there's a doubt in my mind," said Marchionne, while attending Ferrari's home event at Monza.

"There's no use putting sweeteners on it, the car isn't there, I don't think we developed it.

"We started well in Australia and I think that we failed in developing the car during the season, which is due to a variety of reasons."

Marchionne nonetheless remains confident that Ferrari can recover across the coming months.

"We have made changes to the leadership team and I feel quite comfortable that these people are quite capable of turning the fate of the Scuderia around," he commented.

"But unfortunately we don't have a lot of season left.

"Already here there are changes we have made to the car, and I feel a lot more comfortable than I did.

"Let them finish the season; I think we'll do the best we can for the rest of 2016 and then the fight begins in 2017 at the first race."