F1 News
Mercedes reach milestone: First team to turnover more than £500 million
Mercedes may not be doing so well on the track, but off the track, the German team have reached a milestone. The Silver Arrows had a turnover above £500 million in 2023. This became clear after the team published their financial report.
This makes Mercedes the first team to post a turnover of more than £500 million. In total, Mercedes-Benz Grand Prix Ltd, the company that runs Mercedes' Formula 1 team, reported a turnover of £546.5 million.
Turnover increasing
By comparison, in 2022, the team recorded a turnover of £474.6 million. In the last season, in which Mercedes finished in second place in the constructors' championship, there was an increase of £71.9 million.
However, Mercedes didn't make more profit. In 2022, they had a profit of £89.7 million. In 2023, the profit was £83.8 million. This is a fall of £5.9 million, caused by both higher costs and higher taxes in 2023.
Mercedes are yet to stand on the podium in 2024, and they sit behind customer team McLaren. Aston Martin, also a Mercedes customer team, have scored just one point less. Lewis Hamilton is currently on his worst run in his Formula 1 career and will leave the team when the chequered flag falls in Abu Dhabi. He will move to Ferrari. Toto Wolff's team will get another chance to test whether they are making gains in the Chinese Grand Prix in Shanghai this weekend.