Ross Brawn: "We are slower than Red Bull"

Mercedes GP team principle Ross Brawn has conceded that their new car is not yet ready to challenge F1's fastest.

The 57-year-old does not believe that his team will be able to effectively challenge for the championship until at least 2014.

"We are slower than Red Bull; we need to find more speed," Brawn told Auto Motor und Sport.

"On the positive side, our car is reliable and it's a step forward, but we are still not where we want to be."

Brawn has also stated that the team's realistic goal this year is to finish behind the top two.

"[Our aim is] third place, one better than last year," Brawn added. "Anything better than that, of course, is welcome."

Brawn GP was bought out by Mercedes-Benz in November 2009 in a deal reported to be worth £110m.