|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."