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Chairman Niki Lauda, a former world three-time world champion, told reporters in Budapest that F1 remains Mercedes's priority.
"Formula One is our racing sport so an exit is not an issue at all," said the Austrian.
Mercedes and Porsche have announced plans to withdraw from the German Touring Car Championship (DTM) series and the Le Mans 24-Hours race respectively, creating speculation that they were poised to switch to Formula E.
But that won't happen at the expense of F1.
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"No, we had to ask where is the future going? And at the same time, we have to try to make Formula E more attractive because at the moment you have to change the batteries," added Lauda.
Mercedes team chief Toto Wolff said: "Formula E is still at the beginning of its development, but electrification is in full swing.
"I would not be surprised if in three, four or five years Formula E is completely different and we are talking about every single race."