By alley - Oct 14, 2014, 11:25 AM ET

Report: Mercedes spent $517m to develop 2014's F1 worldbeater

Britain's

The Independent

reports that Mercedes increased its Formula 1 budget by 17 percent last year to a record £324.6 million [$517m].

The report cites company documents for Mercedes' F1 engine manufacturing division as showing that in 2013 it spent £133.9m [$213m] to develop its new 1.6-liter turbo engines. That is nearly double Mercedes' engine budget from three years earlier and of the current engine budget of the Caterham team, according to The Independent. Mercedes F1 engines are also sold to customers as well as supplying the works team.

Beyond the engine costs, Mercedes spent £190.7m [$304m] just on running the F1 team, the report claims.

The report comes amid increasing pressures on Mercedes to drop its opposition to relaxing F1's current engine freeze. Mercedes boss Toto Wolff – whose team is the only one standing in the way of the unanimity required for such a move –

said during the Russian Grand Prix

weekend that the current regulations were key to controlling out-of-control costs...

Meanwhile, Britain's Daily Mail reports that Mercedes F1's 700 employees are also in line for a bonus of £10,000 [$16,000] each following the team's clinching of F1's Constructors' championship at the Russian Grand Prix, adding another $11m to the bottom line.