World

Honda blames global crisis for F1 withdrawal

by SOLARLIFE | December 5, 2008 at 09:22 am

183 views | 7 Recommendations | 5 comments

Well the circus F1 needs a new goal, Honda first to retreat

Chief executive Takeo Fukui announced at a news conference in Tokyo that the company would be willing to sell the team and will withdraw from the 2009 competition if no buyer is found by the end of Decemebr -- ending the Japanese car giant's nine-year involvement in the sport.

Honda 2008 last F1 season says Fukai

"We, Honda Motor Co Ltd, have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of our participation," said Fukui.

"This 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.

0 See all footage | View Slideshow

Share: email story | add to any | | facebook | stumbleupon

recommend This comment thread is now closed

Paschen

at 10:17 on December 5th, 2008

Now if they would have Hydrogen Powered Engines I may feel sorry however as long as they use Gasoline, I do not want to see them race and destroy the environment.

SOLARLIFE

at 00:35 on December 6th, 2008

Paschen...Now if they would have Hydrogen Powered Engines. I agree makes sense, people would watch clean technology, non-polluting to buy later. That creates demand

Amitjha

at 21:34 on December 5th, 2008

The economy will show its impact on every front,the will come back to tracks once they have enough positive balace in balance sheet.

SOLARLIFE

at 00:33 on December 6th, 2008

Amitjha.....Honda will come back to F1 racing, if money back. I doubt F1 advertising has limited impact for the money you need. Honda is developping Hybrid cars, F1 was discussing to change to F1-Hybrids. I don't what happened