Seven-time Formula 1 World Champion Lewis Hamilton has confirmed that he will leave Mercedes at the end of the 2024 season to join Ferrari, signing a multi-year contract for the following seasons.
On Thursday evening UK time, Mercedes announced that it would part ways with Hamilton at the conclusion of the 2024 season, with the Briton exercising a release clause in his recently renewed contract, which was set to run until the end of the 2025 season.
Shortly after Mercedes’ announcement, Ferrari released a brief statement confirming that it had signed a “multi-year agreement” with the Briton starting from 2025. Hamilton will then partner Charles Leclerc in a new Ferrari driver line-up, representing the Prancing Horse in F1.
Hamilton joined the German manufacturer in 2013 and went on to win the Drivers’ Championship in 2014, 2015, 2017, 2018, 2019, and 2020, becoming a seven-time champion. His first title, won at McLaren, was also powered by a Mercedes engine. In a controversial 2021 Abu Dhabi finale, he narrowly missed out on an eighth title to Max Verstappen.
“As a team-driver combination, we have enjoyed one of the most successful partnerships in the sport’s history, and we can look back on our relationship with pride,” said Mercedes team principal Toto Wolff. “Lewis will always be an integral part of the Mercedes motorsport story. But we know that all good things must come to an end, and this is the right moment for us to part ways.”
“While we accept Lewis’ decision to seek new challenges, the prospect of our future opportunities excites us. For now, however, we have a season to contest, and we will focus on delivering a strong 2024 campaign.”
Ferrari Chairman John Elkann has publicly expressed admiration for Hamilton in the past and hoped to work with him, but at the time, Hamilton believed staying with Mercedes was his best choice, given their off-track STEM project collaborations. However, after the 2022 rule changes, Mercedes’ dominance was ended by Red Bull, and Hamilton’s victory drought has now lasted two seasons, with George Russell securing the last Mercedes win in Brazil in 2021.
Last month, Hamilton turned 39, and he will turn 40 next year. Signing with Ferrari marks the end of his association with the works Mercedes team after 12 seasons, and it now seems likely that Maranello will be the final stop in his F1 career.
“I’ve had an incredible 11 years with this team, and I’m proud of what we’ve achieved together,” said Hamilton about his departure from Mercedes. “Mercedes has been a part of my life since I was 13. I’ve grown here, and so making the decision to step away was one of the hardest I’ve had to make. But it’s time for me to take on new challenges, and I’m excited about what lies ahead.”
“I’ll forever be grateful for the incredible support I’ve received from the Mercedes family, especially Toto’s friendship and leadership. I hope to finish our journey together on a high. I’ll give 100% to achieve the best results possible this season, making my final year with the Silver Arrows a memorable one.”
The last time Ferrari won the Drivers’ Championship was in 2007 when Kimi Raikkonen narrowly beat Hamilton to the title. Since then, the Italian outfit has signed Fernando Alonso and Sebastian Vettel, but fell short in championship battles. Last week, Ferrari announced a multi-year extension with Leclerc without disclosing the exact duration, while no updates were given on ongoing negotiations with Carlos Sainz, whose contract expires at the end of 2024.
Hamilton will become the first British driver to race for Ferrari since Eddie Irvine in 1999. The Northern Irishman scored four victories for the Scuderia.
Since the news broke on Thursday that Hamilton would join Ferrari, the Italian sports car manufacturer’s stock price soared on the New York Stock Exchange. At the time of writing, Ferrari shares had jumped from Wednesday’s closing price of $346.79 to $384 and were expected to continue climbing. This has increased the company’s market value by nearly $7 billion, adding roughly $700 million to its previous valuation of $62.4 billion. Over the past 12 months, Ferrari’s stock had dipped as low as $252.17.
With Hamilton’s departure from Mercedes at the end of this season, the 2025 driver market is set to be exceptionally busy, with almost half the grid’s contracts expiring at the end of the year.