Ferrari CEO announces bigger Formula 1 budget for 2019

Ferrari will boost its 2019 budget in a bid to finally beat Mercedes to a world championship this decade.

The fabled Italian team challenged hard in 2018, but team and driver mistakes ultimately meant Mercedes won its fifth consecutive drivers' and constructors' titles.

'The goal is to win'

During the course of 2018, Ferrari president Sergio Marchionne died, and CEO Louis Camilleri took over.

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"In 2018 we achieved our best result since we last won the championship, and for 2019 the goal is to win," Camilleri said this week.

"I repeat that in 2019 our goal is the world championship title, so there will be an increase in investment to reach that goal," he added.

Italian media estimates put Ferrari's 2018 budget at about €430 million, some €20m shy of Mercedes.