P1racenews AI automatic summary:
The Mercedes Formula 1 team suffered its first winless season since 2011 last term but off-track, there are reasons for
The report covers the financial year ending on December 31, 2023, where Mercedes achieved a turnover surpassing £500 million, marking a £71.9 million increase from 2022, credited partly to enhanced commercial revenues. The growth was supported by the addition of seven new commercial partners during the year. Despite a better performance in the 2023 Formula 1 season, Mercedes witnessed a slight drop in TV coverage share due to fewer podium finishes. Nevertheless, the team’s Advertising Value Equivalent (AVE) remained robust at $5.3 billion, with significant social media growth in followership and engagements. Looking ahead, Mercedes’ 2024 financials will likely be influenced by ongoing development projects at its Brackley headquarters, following the approval of planning permissions in January 2024.
