Toto Wolff believes that the budget cap will level the playing field and allow five teams to compete for F1 race wins by 2024.
Although it was hoped that the new regulations implemented for this season would make the sport more competitive, Red Bull and Ferrari have won all 13 races.
So far, the only cars that have looked like winning in 2022 have been from Wolff’s own Mercedes team, with their best chance coming with Lewis Hamilton at the British Grand Prix before he finished third.
But, in addition to the new technical regulations, the cost cap introduced last year is another factor in attempting to level things out across the grid after Mercedes won eight consecutive Constructors’ titles through 2021.
This imposes a spending limit on each team, which has been reduced for both 2022 and 2023, though it has been slightly offset to account for global inflation rates.
It means that the larger teams, such as Mercedes, Ferrari, and Red Bull, cannot simply throw more money at their projects than the smaller outfits – and Wolff believes the effect will be felt in 2024.
The Mercedes team principal was responding to Fernando Alonso’s claim that the 2022 regulations failed because “only two [teams] can win.”
“It’s too soon to pass judgment,” Wolff told Gazzetta dello Sport. “I believe the spending cap will bring the group together.”
“Within two years, we will have five teams capable of winning races, and within three years, we will have the same number of teams competing for the World Championship.”
Wolff also commented on the rumor that a partnership between Red Bull and Porsche will be announced soon.
Porsche will enter Formula One as an engine supplier in 2026, with their presence likely to be confirmed when the power-unit regulations for that year are finalized in the near future.
“Red Bull is already an engine manufacturer; it uses Honda technology, and it is unclear how Porsche will inherit this situation,” said Mercedes’ head of motorsport and co-owner of the F1 team.
“However, its arrival is unquestionably welcome. I’m hoping that the regulations will be defined by September.”
Porsche, along with Audi, is one of two Volkswagen Group brands set to enter Formula One in 2026. Unlike Porsche, Audi is said to be interested in joining as a constructor rather than just an engine supplier.