Formula 1 News

Honda withdraws from Formula One over financial crisis 

Honda Motor announced on Friday their immediate withdrawal from Formula One following the global financial crisis. Honda Motor president, Takeo Fukui, made the following announcement during a press conference: “Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation.”

“This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the subprime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies”.

“We will enter into consultation with the associates of Honda Racing F1 Team and its engine supplier Honda Racing Development regarding the future of the two companies. This will include offering the team for sale.”