Mercedes boss Toto Wolff has squashed rumours of the German car manufacturer quitting Formula One after 2020. “To stay in the game is making sense as Mercedes as a company is highly benefiting from motorsports,” the 48-year-old Austrian commented in advance of the 2020 season’s first race in Australia on March 15. Also Read - F1 2021: Emilia Romagna GP - Will Experience Continue Its Domination or Can The Youth Usher in New Era?

According to several media reports, the Stuttgart located company is considering to pull out of the most important race series due to economic turbulence and a significant drop in profits. The media reported about strict austerity measures with Mercedes reducing its workforce by 15,000. Also Read - F1 2021: Lewis Hamilton Holds off Max Verstappen to Win Season Opener at Bahrain Grand Prix

Currently, Mercedes is investing the assumed sum of around 75 million euros to support its motorsport section of Formula 1. Also Read - Max Verstappen Beats Lewis Hamilton to Take Pole Position For Bahrain GP

Wolff said he is optimistic to soon increase the company’s benefits as “our goal is to run the team cost-neutral within the next two to three years.”

Last Monday, the team, located in Brackley/England, presented a new sponsor partner deal worth 30 million euros per year running over the next five years.

Wolff called the deal a vital step in securing future participation. The stable race boss mentioned the value of Formula 1 for his company “as Formula 1 is one of the best return-on-investment.” The company is gaining billions in marketing equivalent, he is convinced.

Ruling Champion and fan darling Lewis Hamilton has won 5 of his 6 titles in a Mercedes. Wolff said he is optimistic about extending Hamilton’s contract soon. “We want the fastest man in our car. And I know Lewis wants to be the fastest,” he said.

Rumours spoke about a possible engagement of Mercedes’s rival, Ferrari. Ferrari racing chief Louis Camilleri called the stories exaggerated.

Tests with the 2020-season car will start in March while the new bolide will be presented this Friday. “We have started to implement additional business segments next to formula 1,” Wolf underlined.