Nov.15 (GMM) Dieter Zetsche, the chairman of Mercedes' parent Daimler, has denied reports he has approved an increase in the F1 team's budget for 2013.

Reportedly on new recruit Niki Lauda's recommendation, it emerged recently that Mercedes-Benz is prepared to boost the Brackley based team's coffers to the tune of many millions.

Bild newspaper had said Mercedes' fattened budget would bring its 2013 spend up to EUR 200 million, making it comparable to what is buying success at top three grandees Red Bull, McLaren and Ferrari.

But Zetsche told German weeky Die Zeit: "We do not intend to increase our budget."

However, he did admit that Mercedes needs to up its game.

"The Mercedes engine is considered the best in formula one," he said, thereby confirming that the reasons for Mercedes GP's lack of performance is "other parts of the car".

"Certainly we need to become better, and soon," added Zetsche.

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