The Silver Arrow team sits adrift of Red Bull and their champion driver in the title fight as they enter the halfway mark.
Jul.25 (GMM) Mercedes' Toto Wolff has all but conceded the 2013 title.
But new team co-owner and director Wolff told Austrian news agency APA that Red Bull is once again on a course for title glory.
"To their sporting achievements, you have to take your hat off," he said.
"They have been world champion three times, and it looks like it will be four now."
Wolff agreed that the Brackley based team is "above (the) expectations" of the winter.
But he also admitted there have been "problems", and they could bite with a fury in Budapest this weekend, where temperatures are set to soar into the high 30s C.
"The heat has done us no favours in the last few races," said Wolff, "but we need to solve it. We cannot just hope it's always 15 degrees."