The latest casualty in the economic crisis has come in the form of Honda’s decision to quit Formula 1 racing. The Japanese company has decided that the huge amounts spent on the sport could be used elsewhere, and has announced the 2008 season as its last. Honda is currently looking for a buyer for the team, the company will not even be involved in supplying engines to F1 teams.
Honda President Takeo Fukui said:
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. Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount. A recovery is expected to take some time.
Via: Autocar
