With the global economic crunch, German carmaker Mercedes has plans for their Formula One team to cut cost by at least 50 percent over.

They must do so over the next two years to remain ‘viable’ competitive, despite the carmaker financial position remains solid with profit earning reports.

Norbert Haug, the head of Mercedes Motorsport says, “Within the Formula One Teams Association (FOTA) we’re working very hard on measures to cut costs, and over the next two years we must achieve cuts of at least 50 percent”.