However, Todt reckons Ferrari and Red Bull have closed the gap, and also pointed to the performance of Force India as reason for optimism.
"I believe Formula 1 is in good shape this season, thanks to the fact that it is no longer totally dominated by just one team, as in the past couple of years," he said at the FIA Sport Conference in Turin.
"Of course, Mercedes is still very strong, but Ferrari has made a lot of progress, Red Bull is fighting back and Force India are showing well, with Sergio Pérez twice on the podium already this year.
"It`s positive that the sport is less predictable, but one should not forget that, historically, there have often been periods when one team has had a clear advantage."
Todt also heaped praise on the Formula E championship, with the season season set to draw to a conclusion in London next weekend.
"I don`t remember ever having seen such a young series like Formula E generate so much interest: the response from constructors, teams, suppliers and drivers has been amazing," he said.
"One must never take anything for granted and one has to bear in mind that one of the reasons for its success is that the races take place in the heart of great cities.
"I don`t think it would be the same story if they were held outside major conurbations."
/Azertag/
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