Daimler CEO committed to F1, seeks to slash costs

Mercedes owner Daimler is committed to Formula One but is working to slash costs and cut the environmental impact of motor racing, CEO Ola Kaellenius has said.

"We have as little reason to step out of Formula One as Bayern Munich has to step out of football," he said during a virtual roundtable discussion with journalists on Wednesday.

The carmaker is developing a plan to make its participation in the sport emissions neutral, including through the use of synthetic fuels in upcoming seasons, and wants to improve the costs of competing in motor racing.

The cost reduction will be aided by the introduction of a $145 million budget cap in Formula One next year, which is set to reduce to $140…