Honda to pull out of Formula 1
05/12/08 12:07 Filed in: Motorsport
Honda has announced that it is to pull
out of Formula 1.
Jensen Button in the 2008 car, which will be the last unless a buyer can be found for the team.
Honda described it as a difficult decision has been made “in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies”.
“Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount,” said Takeo Fukui
President and CEO of the Honda Motor Co., Ltd, adding: “A recovery is expected to take some time.”
Mr Fukui went onto says that they 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.
Jensen Button in the 2008 car, which will be the last unless a buyer can be found for the team.
Honda described it as a difficult decision has been made “in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies”.
“Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount,” said Takeo Fukui
President and CEO of the Honda Motor Co., Ltd, adding: “A recovery is expected to take some time.”
Mr Fukui went onto says that they 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.