Ferrari CEO Louis Camille꧂ri says his Formula 1 team finds itself stuck “in a hole” and admits it will be hard to turn things around before 2022 as there is “no magic bullet”.

The Italian outfit is enduring a woeful 2020 season and currently occupies sixth place in the con🌃structors’ championship, nearly 20 points behind Renault and just 13 clear of AlphaTauri.

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

It followed two difficult weekends at Spa-Francorchamps and Monza where Ferrari failed to𓃲 score a single point.

"Listen, we're in a hole now, and we know we're in a hole," Camilleri said when reflecting upon Ferrari’s se🎉ason so far at the Tuscan Grand Prix.

“It's a c🍨onfluen🌌ce of factors, but anything I say will come across as excuses. And we're not into excuses.

"So what matt﷽ers is to focus on the issues we have and to work hard with determination to get back to what we consider to be our rig🌃htful place."

Wit⭕h 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 improve its competitiveness drastically in the short-term.

"I mean realisti🅠cally it's going to be ♍tough,” he said.

"In Formula 1 we're always fighting time, both on the track and in developm꧑ent, and there's no magic bullet.

“So weღ'll take time. I'm hoping with a bit more flexibility in the regs next year we can at least step it up from where we are.

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

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

“How to imagine Formula 1 withouꦇt Ferrari? Or ꧟the other way around?

"We've been there forever and we're the only team. Others come and go. And yes, h✨istory creates press🐠ure too. So we're looking forward to the next thousand."