Mercedes finished second in the 2023 season with the W14, behind Red Bull. Team Principal Toto Wolff stated that the team would change the concept for the W15, including the way they laid out the chassis, weight distribution, and aerodynamics. Wolff added that changing almost all components could give the team its best chance to contend in 2024. Before the off-season break, Hamilton stated the team's mood was "positive", and he checked the team's progress with the W15 in their wind tunnel.
The W15 was unveiled at Silverstone Circuit on 14 February. The car sported a mostly bare carbon fibre and black livery, though with a silver nose cone and their title sponsor Petronas's teal as an accent. The car had a different sidepod shape, and the team switched from pull-rod suspension to push-rod suspension. The team focused on resolving W14's unpredictable axle issue. The cockpit position shifted further backward, something that Hamilton has been vocal about starting from their 2022 car.
Pre-season testing commenced on 21 February with Russell driving the entire day. Russell stated "The W15 felt nicer to drive compared to the W14. We will continue to maximize our time here to gather data to find the sweet spot." On Day 2, Hamilton completed over 100 laps and confirmed his teammate's positive reception of the car.
The season started in Bahrain with a mixed qualifying session as Russell qualified third while Hamilton was ninth. Russell finished fifth after suffering a power unit heating issue that required him to lift and coast. Hamilton finished seventh after suffering an issue with his seat, which suddenly cracked midway through the race.
Mercedes brought upgrades consisting of a revised floor and brake duct, and a new rear and beam wing. Russell qualified sixth and Hamilton eighth.
Russell qualified on pole position, setting an identical time of 1:12:00 with Verstappen, while Hamilton qualified seventh. The race started in wet conditions and Russell held on to the lead from Verstappen at the early stages. Russell's third place was the team's first podium of the season. Hamilton finished fourth with the fastest lap.
Mercedes locked out the front row, with Russell qualifying on pole and Hamilton in second. However, Russell was forced to retire from the race on lap 35 due to a suspected water issue. Hamilton held off Verstappen and Norris in the changing conditions en route for his first victory since the 2021 Saudi Arabian Grand Prix.
Under rainy conditions, Hamilton qualified third and Russell in seventh. Hamilton started well, overtaking Pérez and Leclerc to take the lead, which he maintained throughout the opening stages of the race. Russell chose a single-stop strategy during the race. After the race, the stewards found Russell's car to be 1.5 kg under the minimum 798 kg weight limit, therefore disqualifying him, and Hamilton was promoted as the race winner.
For the Dutch Grand Prix, Russell qualified in fourth place, while Hamilton ended up in eleventh. Despite starting from fourteenth, Hamilton made a strong comeback to finish eighth in the race.
Mercedes took a surprising 1–2 finish at the Las Vegas Grand Prix, where Russell took his first pole position of the year with Hamilton finishing behind after recovering from tenth.
By the end of the season, the W15 achieved four race wins, four pole positions, four fastest laps and nine podium finishes. Mercedes finished in fourth place in the World Constructors' Championship.
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