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Ferrari are genuine rivals to Mercedes for both championships this season, according to team boss Toto Wolff.
The Italian team have a poor start to the season with reliability issues and on-track accidents ruining any hope of challenging the dominant Nico Rosberg.
The German is 36 points clear at the top of the table after three races but Wolff is adamant the fight is far from won.
"They are definitely a threat," Wolff said.
"They were a little bit more conservative on the engine than in Bahrain, but it's just a matter of time.
"They then tripped over each other at the start which heavily compromised their race, with Vettel's car damaged twice.
"But if you consider where they were at the end of lap one and yet they ended second and fifth, it must have been a satisfying result for them.
"They are very much a competitor."
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