Honda Confirm Immediate F1 Pullout

5 December 2008

It’s been confirmed then: the Honda F1 team have confirmed their immediate withdrawal from F1.

Honda CEO Takeo Fukui confirmed the news today:

“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.

“Under these circumstances, Honda has taken swift and flexible measures to counter this sudden and expansive weakening of the marketplace in all business areas.

“However, in recognition of the need to optimize the allocation of management resources, including investment regarding the future, we have decided to withdraw from Formula One participation.”

It looks like they had little choice: cuts in road vehicle production, plans to shed 1000 jobs in the UK

Honda Racing’s CEO Nick Fry is hopeful that the team can be sold so that they can be on the grid in Melbourne next March, with ‘three credible offers’ seemingly already on the table. And Fry and Ross Brawn (team principle) are ‘committed’ to saving the team.

Difficult times indeed.

Tagged with Formula One

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