Sebastian Vettel is not out of the Formula One title race despite Ferrari's reliability woes and the Scuderia's car is on par with Mercedes', says team president Sergio Marchionne.

Ferrari has endured a miserable run, with engine trouble for Vettel in Malaysia and Japan following a double DNF for the German and team-mate Kimi Raikkonen in Singapore after their first-corner tangle with Max Verstappen.

READ: Vettel vows to 'protect' Ferrari after Japan woe

Vettel's early retirement in Sunday's Japanese Grand Prix leaves him trailing Lewis Hamilton by 59 points with four events remaining and the Mercedes driver can clinch a fourth world title if results go his way in the United States later this month.

But Marchionne remains in bullish mood over Ferrari's chances of a first drivers' championship since 2007.

ALSO READ: Hamilton to 'keep pedal to the metal' in F1 title race

He said, "The season is not lost. There is still time to get it done. With all the modesty we have in Ferrari, the car has made tremendous progress.

"I do not speak about bad luck because I do not believe it. Things are happening to everyone, especially for us in the race.

"The important thing is to not lose the confidence that has brought us here so far.

ALSO READ: Ruthless Hamilton roars to Japan victory

"Without being arrogant, I think Ferrari is at the same level, if not superior to Mercedes today. Red Bull has also made progress, but I do not think they are affecting Ferrari's position in the race."