Ferrari chairman John Elkann does not expect Ferrari to be competitive until a regulation overhaul is introduced for the 2022 Formula 1® season.
The Scuderia have endured a miserable start to this season, picking up only 27 points from the first three races.
Team principal Mattia Binotto stated Ferrari will be forced to revisit "the entire car project" before a restructure of the Italian constructor's technical department was announced last week.
Significant changes to technical regulations were due to be implemented next year, but have been put back by F1® with cost-cutting measures enforced due to the coronavirus pandemic.
Elkann told Gazzetta dello Sport Ferrari fans will have to be patient before their team become a force again.
"This year we are not competitive because of car design errors," Elkann said.
"We have had a series of structural weaknesses that have existed for some time in the aerodynamics and dynamics of the vehicle. We have also lost in engine power.
"The reality is that our car is not competitive. You saw it on the track and you will see it again.
"We are laying the foundations for being competitive and returning to winning when the rules change in 2022. I am convinced of it."
Elkann also gave his full backing to Binotto.
"Binotto has the characteristics and skills to start a new winning cycle," he added.
"A long path awaits us. When [Jean] Todt started that historic cycle [when they won five consecutive titles] in 2000, we came from a fast that lasted for more than 20 years, from 1979.
"It took time, from when he arrived in 1993 to when he brought Ferrari back to victory. The important thing, then, is to work on and off the track, bringing cohesion and stability, building the Ferrari we want step by step."
Elkann was in no doubt it was the right decision to replace Sebastian Vettel with Carlos Sainz Jr for 2021.
He said: "In the past 10 years we have had champions such as [Fernando] Alonso and Vettel, who have been world champions.
"But it is undoubtedly more difficult to rebuild a cycle and ask patience to those who have already won compared to those who have the future ahead of them.
"We are laying the foundations for building something important and lasting, and the contract we signed with Charles [Charles] proves it: five years, never so long in Ferrari's history.
"Leclerc and Sainz will make Maranello their home, will be close to our engineers. The new machine will be born with them."