Despite reports to the contrary, Mercedes-AMG has expressed a commitment to Formula One for at least the next five years with the establishment of a new partnership between its F1 team and Ineos.

Ineos is the British chemicals giant developing its own Land Rover Defender rival called the Grenadier. It's also involved in a number of sporting disciplines through various partnerships, the latest being Principal Partner of the Mercedes F1 team.

The role is an extension of a previous partnership established between Ineos and Mercedes-Benz Applied Science, a division of the F1 team that looks to apply F1 knowledge and experience in other fields.

As Principal Partner of the Mercedes F1 team, Ineos can now count on Mercedes-Benz Applied Science to help tackle technological challenges in other sporting disciplines that Ineos is involved in. The list includes sailing, cycling, soccer, and more. The Ineos logo will also appear on Mercedes' F1 car, the latest version of which will be unveiled on Friday.

Reports from January suggested Mercedes was looking to exit F1 at the end of the 2020 season due to financial constraints. However, the new partnership with Ineos, and comments made by Toto Wolff, team principal of the Mercedes F1 team, on Tuesday in announcing the partnership reaffirm the automaker's commitment to F1.

“This new partnership is an important cornerstone of our future plans in Formula One,” he said. “It once again serves to demonstrate the attraction of the sport for ambitious, global brands with a long-term vision for success.”