Mercedes sees Honda as “a big threat” in 2016 and is “assuming we are going to get beaten by Ferrari”, according to Andy Cowell.

Cowell is the managing director of Mercedes AMG High Performance Powertrains, with its power unit having been the dominant engine so far in the V6 turbo era. However, while confident the Mercedes progress is not tailing off, Cowell says the expectation is for a very competitive season with Ferrari and Honda highlighting as the biggest dangers this year.

“If we look at what Ferrari has done over the last 12 months, it’s remarkable,” Cowell said. “Their improvements have been a huge credit to their reshuffle, their enthusiasm. Everybody here is going ‘I wonder how we’re going to do?’ Nobody here is assuming we are going to win, everybody here is assuming that we’re going to get beaten by Ferrari, and Honda are a big threat.

“Honda have come in quickly and they are learning in front of the public but they’re hugely determined and partnered with McLaren who are hugely determined. We know exactly how McLaren work in terms of a data-driven approach, so they are going to make some big, big gains.

“Renault’s determination as they’ve shown with becoming a lot more involved now in Formula One, instead of just being a power unit provider there has been a team restructuring. There are going to be some great stories to talk about.”

Force India’s Andy Green recently told F1i that Mercedes had delivered a new power unit which "looks a good step forward".

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