Ferrari may pull its team out of Formula One because it "isn't working".
The Italian firm may even switch to sports-car competition, chairman Luca di Montezemolo told the Wall Street Journal.
Scuderia Ferrari has longstanding disputes with Formula One governing body the FIA, and Montezemolo expressed frustration with recent rules changes.
"Formula One isn't working," he told the Journal in an interview in Maranello, Italy.
He complained that the FIA "have forgotten that people watch the racing for the excitement. Nobody watches racing for the efficiency, come on."
FIA's new regulations make the sport more environmentally friendly and reduce costs, such as by introducing a new turbo hybrid V6 engine, which is quieter and less polluting.
But the boss of the most iconic brand in motorsport complained that the restrictions would muffle a key element of the Grand Prix experience: engine roar.
"People watch racing to be entertained," he said.
"No one wants to watch a driver save gas or tyres. They want to see them push from here to there. It's sport, yes, but also a show."
Montezemolo in particular attacked the rules that forbid advances on engine design during the season, a situation that has left Ferrari in third place in the standings.
Montezemolo stressed no decision has been made yet about leaving Formula One, but he indicated Ferrari could pursue endurance racing as soon as 2020.
"We can not do sports-car racing and Formula One. It's not possible," he said.