Toto Wolff has reiterated Nico Rosberg's beliefe that Formula 1 has yet to see the "best" of Ferrari this season.
The Scuderia have yet to challenge Mercedes through to the chequered flag as errors and reliability have cost them dearly.
In the opening two races they have managed to get just one car to the finish line and although it was on the podium it was Nico Rosberg who clinched the race wins for Mercedes.
The German is two-from-two for the season while his team-mate Lewis Hamilton has two podiums to his name, giving Mercedes the 1-2 in the Drivers' standings.
Asked how he would rate Mercedes' performance so far, Mercedes motorsport boss Wolff told the team's YouTube channel: "Very good.
"Two races in, 1-2, 1-3, it doesn't get much better.
"But we haven't seen the best out of Ferrari just yet. They are struggling with reliability.
"We have seen glimpses of pace and they have definitely caught up and it is more difficult for us.
"But so far with our results I'm actually happy."