P1racenews AI automatic summary:
Mercedes becomes first F1 team to exceed £500m turnover
In 2023, Mercedes-Benz Grand Prix Ltd. announced a turnover of £546.5 million, a £71.9 million increase from the previous year. Red Bull Technology, in comparison, had a turnover of £385.6 million in 2022. Despite the turnover increase, Mercedes reported a slight profit decrease to £83.8 million due to higher costs and tax payments. Development assets for the race car rose to £52.2 million for the season, including investments for the 2024 F1 challenger. The team saw a rise in average staffing levels to 1289 employees, resulting in a salary bill increase to £111.7 million. Overall, the business maintained a stable foundation with an EBIT of £113.8 million in 2023. Additionally, Mercedes saw improvements in the F1 constructors’ championship but a decline in TV coverage due to fewer podium finishes, while maintaining strong cumulative Advertising Value Equivalent and social media growth.
