Speaking to Italy’s Gazzetta Dello Sport ahead of this weekend’s Italian Grand Prix at Monza, Elkann said Ferrari have “great faith” in Binotto, though he acknowledged that the team still have areas to improve if the Italian outfit wants to compete for world championships. 

Ferrari appeared in genuine contention for a first world title since 2008 at the start of this season after Charles Leclerc won two of the first three races, but their championship bid has collapsed in dramatic fashion thanks to a catalogue of strategic blunders, reliability failures, and driver errors. 

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Binotto, who was part of Ferrari when the team dominated F1 in the early 2000s, has faced increasing scrutiny in his role of team principal despite insisting there is no need for changes within the operation. 

“We have great faith in Mattia Binotto and appreciate everything he and all our engineers have done,” said Elkann.

“But there is no doubt that the work in Maranello, in the garage, on the pit wall and at the wheel needs to improve. 

“We must continue to make progress and that goes for the mechanics, the engineers, the drivers and obviously, the entire management team, including the Team Principal. 

“We have seen that there are still too many mistakes when it comes to reliability, driving and strategy. 

“Putting our trust in Binotto and his team was the right decision and it has paid off. Thanks to them we are competitive and winning again. 

"But I am not satisfied because I think we can always do better.” 

The 2022 world titles are realistically out of reach for Ferrari given Red Bull and Max Verstappen’s huge points advantage. The Dutchman leads the championship by 109 points and could wrap up his second drivers’ crown as early as Singapore. 

Despite Red Bull’s domination this year, Elkann is confident that Ferrari will end its long wait for championship silverware before 2026, when the next cycle of engine regulations come into force.

“Our first goal was to be competitive,” he added. “If you are not, then you have nowhere to go, whereas you can always work on reliability. 

“That’s why I believe that before 2026 Ferrari will once again win the constructors’ and drivers’ titles, with Charles Leclerc in pole position. 

"We are lucky to have two great drivers, probably the strongest pairing in Formula 1.”