Ferrari retains Raikkonen for 2016 season

Ferrari on Wednesday confirmed Formula 1 driver Kimi Raikkonen will stay on as Sebastian Vettel's teammate for 2016, ending months of speculation about his future.

Raikkonen has only scored one podium this season, a stark contrast to Vettel's five and two victories.

Despite having an option for a third season next year, Raikkonen's poor form, which has carried over from his return to Ferrari in 2014, led to speculation that Ferrari would not retain him for another season.

But Ferrari opted to re-sign him despite the fact he has less than half of Vettel's points in the championship -- 160 to 76.

Team boss Maurizio Arrivabene has said Raikkonen's fate was in his own hands and would be based on performances.

"Ferrari announces that it has renewed its technical and racing agreement with Kimi Raikkonen. The driver line-up next season will still consist of the Finnish driver and Sebastian Vettel," Ferrari said in a release.

The news comes ahead of the Belgian Grand Prix scheduled on August 23, where Raikkonen has tasted victory four times in his career.