Vettel, who won all his championship titles with Red Bull between 2010 and 2013, is one of the most successful drivers with 53 race wins and 122 podium finishes in his 15-year career.
Only Lewis Hamilton and Michael Schumacher have won more victories than the 35-year-old German, who is currently in his second year with Aston Martin after a six-year tenure at Ferrari.
“The decision to retire was difficult for me and I spent a lot of time thinking about it,” Vettel said.
“At the end of the year, I want to take some more time to think about what I will focus on next. It is very clear to me that as a father, I want to spend more time with my family.
“But today it’s not about goodbye. Rather, it is about saying thank you – to everyone – not least to the fans, without whose passionate support Formula 1 could not exist.”
After winning four titles in a row with Red Bull, Vettel moved to Ferrari ahead of the 2015 season.
However, a fifth championship still eluded him as he twice finished second behind Hamilton in the drivers’ standings.
With Aston Martin, he only finished on the podium once, finishing second at the 2021 Azerbaijan Grand Prix.
“Over the past 15 years I have had the privilege of working with many great people in Formula 1, too many to be mentioned and thanked,” said Vettel.
“For the last two years I have been driving an Aston Martin and although our results have not been as good as we hoped, it is very clear to me that everything is being put together so that the team can race at the highest level. the highest level for many years.
Lawrence Stroll, Executive Chairman of Aston Martin, added: “I want to thank Sebastian from the bottom of my heart for the great work he has done for Aston Martin… over the past year and a half.
“We made it clear to him that we want him to continue with us next year, but in the end, he did what he felt was right for himself and his family, and of course we respect that.”
His final race at the Abu Dhabi Grand Prix in November is set to be the 300th of his career, a benchmark that only six other drivers have achieved.
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