Daimler, the dominant Mercedes team’s carmaker parent, intends to slash the amount of money it spends on Formula 1.

It emerged recently that Mercedes spent a staggering $430 million to win last year’s championships – with a $145 budget cap coming in for 2021.

Daimler CEO Ola Kallenius has rejected rumours that Mercedes could be pulled out of the sport. It was indirectly announced last week that Mercedes won’t leave Formula 1. On Wednesday, Daimler also confirmed this through Ola Kallenius. The CEO of Mercedes’ parent company states that there is currently no reason to turn their backs on the pinnacle of motorsport.

“We have no more reason to retire from Formula 1 than Bayern Munich has to retire from football,” he is quoted by TV6.

“But the financial burden in the next three years will be halved. In this regard, we set ourselves more aggressive goals for Formula 1 than for other areas of the company,” Kallenius was quoted by Reuters press agency during an online meeting with several journalists.

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