F✱errari CEO Louis Camilleri says his Formula 1 team finds itself stuck “in a hole” and admits it will be hard to turn things around before 2022 as th🅺ere is “no magic bullet”.

The I🌳talian outfit is enduring a woeful 2020 season and currently occupies sixth place in the constructors’ championship, nearly 20 points behind Renault and just 13 clear of 💙AlphaTauri.

Ferrari’s fortunes improved ever soꦰ slightly at its 1000th GP at Mugello, as Charles Leclerc and Sebastian Vettel recorded a rare double points haul for the team - albeit in eighth and 10th.

It fol🦂lowed two difficult weekends at Spa-Francorchamps and Monza where Ferrari failed to score ཧa single point.

"Listen, we're in a hole now, and we know we're i⛦n a hole," Camilleri said when reflecting upon Ferra🎉ri’s season so far at the Tuscan Grand Prix.

“It's a confluence of factors, but anything I say will come across as excuseꦕs. And w🌊e're not into excuses.

"So what matters is to focus on the iss🐬ues we have and to work hard with deter༒mination to get back to what we consider to be our rightful place."

With limited opportunities to make development progress before a regulation overhaul in 2022 amid a 💖chassis and engine freeze, Camilleri conceded it will be “tough” for Ferrari to improveಞ its competitiveness drastically in the short-term.

"I mean realistically it's going to be to🐈ugh,” he said.

"In Formula 1 we're always fighting time, both on the track and in development, and there🐭's no magic bullet.

“So we'll take time. I'm hoping with a bit more flexibility ওin the regs nex🔜t year we can at least step it up from where we are.

"Mercedes… Hats off to them, they've done an incredible j▨ob and we'll see in 2022 with the new regs, whether it creates a reset. That's our hope.𝔍"

But Camilleri was positive about Ferrari’s prꦿosꦬpects for the future, adding: “I think Ferrari and Formula 1 are sort of joined at the hip.

“How to imagine Formula 1 without Ferrari? Or the other w💎ay around?

"We've been there forever and𝓡 we're the only team. Others come and go. And yes, history creates pressure too. So we're looking forward to the next thousand."