Fe♕rrari chairman John Elkann concedes his team is unlikely to be in a position ✃to win in Formula 1 before a regulation overhaul in 2022.

Major changes to the technical regulations aimed at closing up the field were originally intended to be introduced for 2021 but have been delayed until 2022 amid a number of cost-cutting measures enforced by F1𝓀 as a direct consequence of the coronavirus pandemic.

Ferrari has endured a woeful start to 2020 after taking the wrong direction with its car design concept this season, and with development scope limited for the next yea🧔r with teams forced to carry over the🌳ir cars into 2021, the Italian outfit is faced with the likelihood of its competitive struggles continuing next year.

Speaking in a rare interview with Italy’s , Elkann called for patience from fans of the Scuderia, while he also e🍸xpressed “total trust” in team principal Ma꧒ttia Binotto.

"This year we are not comp💝etitive because of car design errors,🐟" Elkann said.

"We have had a series 𒀰of structural weaknesseไs that have existed for some time in the aerodynamics and dynamics of the vehicle. We have also lost in engine power.

"The reality is that our car is not competitive. You saꦿw it on the track and you will see it again.

“We are laying the foundat🐭ions for being competitive and returning to winning when the rules change in 2022. I am convinced of it,” he added.

"Binotto has the charact🍬eristics and skills 𒐪to start a new winning cycle.”

"A long path awaits us. When Todt started that historic cycle 𓂃[of five consecutive titles] in 2000, we came from a fast that lasted for more than 20 years, fr♎om 1979.

"It took time, from when he arriv🅘ed in 1993 to when he brought Ferrari back to victory. The important thing, then, is to work on and off the track, bringing cohesion and stab๊ility, building the Ferrari we want step by step.”

Ferrari currently sits fifth in the constructors’ champi🍰onship after the opening three races and has managed a best result of second place, achieved by Charles Leclerc during𓆏 a crazy season-opening Austrian Grand Prix.

Elkann also spoke of Ferrari’s decision to part ways with four-time world champion Sebastian Vettel and replace him with current McLaren driver Carlosꦯ 𝐆Sainz for 2021.

"In the past 10 years we have had champions such a🐲s (ꩵFernando) Alonso and Vettel, who have been world champions," Elkann explained.

"But it is undoubtedly more difficult to rebuild a cycle and ask patience to those who have already won compared to those who ha꧒ve the future ahead of them.

"We are laying the foundati♛ons for building something important and lasting, and the contract we signed with Charles proves it: five years, never so long in Ferrari's history.

"Lecꦇlerc and Sainz🥃 will make Maranello their home, will be close to our engineers. The new machine will be born with them."