Ferrari President and newly appointed CEO Sergio Marchionne has urged the F1 team to 'close the gap at the speed of light' if it wants to take on the might of Mercedes after another disappointing race weekend in Russia.

Having witnessed drivers Sebastian Vettel and Kimi Raikkonen collide at the start of the Chinese Grand Prix last month, Ferrari would suffer another tough weekend in Sochi when Vettel was taken out on the opening lap and Raikkonen finished half a minute adrift of Nico Rosberg in third.

With Marchionne's target of seeing another Ferrari title within a decade of its last success in 2007 receiving another blow, he is quoted by Gazzetta dello Sport as saying he is pained by the current struggles, going as far as to say it breaks his soul.

"It was a bad day," he said. "There is still a lot of work to do, but I have every confidence in the team and we will succeed."

"We must close the gap at the speed of light. I am used to seeing the Ferrari of Schumacher, it breaks my soul to see Ferrari suffering so much."

Marchionne was this weekend officially confirmed as the new CEO of Ferrari, alongside his Presidential title. The Italian-Canadian is also CEO of the FIAT-Chrysler company.

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