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Honda to quit F1 over financial crisis

Last updated: 2008-12-05

Honda to quit F1 over financial crisis
2008-12-05

Event
Formula One
Global Financial Crisis
Company
Honda Motor
Source
(AFP)

TOKYO (AFP) - Honda said Friday that it was pulling out of Formula One due to the global financial crisis.
"Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation," an emotional Honda Motor president Takeo Fukui told a press conference.
"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," he added.
Honda Motor also supplied engines and other technical support to Formula One team Super Aguri, which called it quits due to financial problems in May.

Formula One Global Financial Crisis
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