Ferrari is set to increase its Formula 1 budget for the 2019 season as it bids to end its decade-long championship drought.

Ferrari took six race wins across the course of 2018 as Sebastian Vettel led its charge and fought for the drivers’ title, only to lose out to Mercedes’ Lewis Hamilton and finish the year P2 in the standings.

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Mercedes also managed to capture its fifth straight constructors’ championship, finishing 84 points clear of Ferrari in second place.

Speaking in the Q4 results conference call for Ferrari group investors last week, CEO Louis C. Camilleri confirmed there would be an increase in spending on its F1 project in 2019 in order to try and end its wait for a championship.

“While our Formula One performance last year was the best one since we won the world constructors' championship in 2008, we fell short of our ambition to raise the winners' cup,” Camilleri said.

“Our objective going forward remains the same as it has always been, to win.

“In 2019, we project an increase in spending which partially reflects this ambition, but also includes the development expenditures required to address the new regulations that will form part of the envisaged Concorde agreement that should come into force in 2021.”

A study by claimed Ferrari spent $410 million on its F1 team in 2018, up from $390 million the previous year. 

Ferrari is currently engaged in talks with F1’s stakeholders regarding plans for the future of the sport, with a new set of sporting and technical regulations set to come into force for 2021, as well as a fresh commercial agreement with rights holders.

The Italian marque will enter the new F1 season under fresh leadership following the departure of former team principal Maurizio Arrivabene. He has been replaced by long-serving Ferrari technical chief Mattia Binotto.

Ferrari will also field a revised driver line-up in F1 this year, with Charles Leclerc joining Vettel in place of Kimi Raikkonen.