Although Stefano Domenicali concedes Ferrari need to improve "everywhere", he says it is a "bit extreme" to speak of needing a new car.
Despite heading into 2014 vowing to fight for race wins and the Championship titles, Ferrari have yet to even battle for a podium finish.
Fernando Alonso was the team's best placed driver in Australia and Malaysia, however, on both Sundays the Spaniard finished half a minute behind the race winning Mercedes drivers.
It is cause for concern at Ferrari, who last won a Championship back in 2008 when they claimed the Constructors' while the last Drivers' success was in 2007.
Domenicali, though, says Ferrari are aware of where they have gone wrong and what needs doing.
"We knew from the very beginning that with these rules changes the challenge will be massive," he said in an interview with the official F1 website.
"When we went about designing the 2014 car we knew it would not only be a matter of the engine - where we believe we are quite strong - but also a matter of considering the whole power unit.
"We know that other engine manufacturers have advanced knowledge because they use that technology in their road cars, so we knew it was not going to be easy.
"But we know the areas where we need to improve and falling into disappointment doesn't help. I know that we have improved our organisation in some areas where we have been weak..."
Pressed as to what areas at Ferrari need attention, he revealed that "aerodynamics" are the team's primary weak point.
As for where the Scuderia need to improve the current F14T, he said: "Basically everywhere.
"I don't think by fixing one problem you fix the whole performance - so we need to work to have a more efficient car; we need to work to have a better engine; we need to work to exploit better the balance between electric power and traditional engine power. Everywhere!"
The Italian, though, was adamant that the problem is no so severe that Ferrari need to consider bringing out a new car.
"No, no, that's a bit extreme," he said. "I don't think so."