"I have had the privilege of working with many fantastic people in Formula One over the past 15 years - there are far too many to mention and thank. Over the past two years I have been an Aston Martin Aramco Cognizant Formula One™ Team driver - and, although our results have not been as good as we had hoped, it is very clear to me that everything is being put together that a team needs to race at the very highest level for years to come," Vettel said in a statement, published on the website of Aston Martin F1 Team.
The racer added that the decision to retire has been difficult for him, adding that his "goals have shifted from winning races and Championships to seeing my children grow, passing on my values and being able to learn from them."
During his career, Vettel won four Formula One Drivers' World Championships, 53 races, and podiumed 122 times. He is the third in the number of Grand Prix victories, behind only British racer Lewis Hamilton (103 victories) and German driver Michael Schumacher (91 victories).
Vettel is 14th in the individual standings with 15 points and his Aston Martin is 9th — the penultimate place — in the current season of Formula One World Constructors' Championship.