It is official, Honda quits Formula 1

Honda is pulling out of Formula 1

Honda is pulling out of Formula 1

It is official now – Honda Motor Co. withdrew from Formula One, saying racing costs too much amid the global fiscal crisis. Honda may put Brackley based team up for sale, President Takeo Fukui said today at a news conference in Tokyo.

Honda also said it has no plans to continue supplying engines for Formula 1 cars.

So the rumours became reality…

Statement from Takeo Fukui:

“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.

We 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.

In its third era of Formula One activities, Honda has been participating in Formula One races from the 2000 season, initially with BAR, by adopting a new format of jointly developing racing machines. Subsequently, in a move to meet the changing environment surrounding Formula One, we switched to running a 100% Honda-owned team commencing with the 2006 season.

Surmounting many challenges, the Honda Team achieved a grand prix victory in 2006, enabling Honda to receive overwhelming support from Honda fans around the world that were looking forward to greater success. It, therefore, has been an extremely difficult decision for us to come to this conclusion without having been able to fully meet the expectations of our fans.

By making the best of what we have learned during these times of economic turmoil, coupled with the spirit of challenge gained through active participation in racing, we intend to continue with our commitment in meeting new challenges.

Finally, we would like to take this opportunity to sincerely thank our fans and all those who have supported Honda’s Formula One efforts, including everyone in the world of Formula One.”

9 Comments Post a Comment
  1. [...] biggest spenders in Formula One are about to pull the plug on the entire Formula One operation. The official announcement is expected early today, according to Reuters at 1:30pm Japan time. The news about Honda pull out [...]

  2. [...] This was very quick sequence of events. First less than 2 days ago Nick Fry announced there will be no posh lunch with media, then Shuhei Nakamoto (blamed by many for the uncompetitve 2007 car) left the team. Half a day later rumours about something serious going on at Honda surfaced. By late last night it was open secret that Honda is planning a pull out from Formula One. Now it is official, Honda is yet again leaving the sport. [...]

  3. [...] F1wolf har följande uttalande från Hondas president Takeo Fukui; “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. [...]

  4. [...] and half months later Honda ended its participation in Formula One leaving their first European HondaJet buyer in danger of being jobless in [...]

  5. [...] Following Honda’s pull out F1 grid is at the moment reduced to 9 teams and 18 cars. There are stories circulating about [...]

  6. [...] make sense. He has been one of the drivers considered and tested in Barcelona by Honda F1 prior to Honda’s withdrawal announcement. Also Bruno Senna has been sponsored by Embratel (subsidiary of Slim’s Telmex) since 2006. [...]

  7. Lets hope Honda find a buyer soon, as it won’t be the same without Jenson Button on the grid in 2009
    We will only have 1 british driver if Jenson dosen’t get a drive for 2009

    http://www.f1memorabilia.net

  8. [...] the immediate aftermath of Honda’s F1 withdrawal announcement all the remaining car manufacturers including Toyota confirmed their commitment to Formula One. The [...]

  9. [...] Reading all that came out yesterday only confirms those predictions. But as it worked out, the demise of Honda and the cost cutting action that followed proved to be blessings for Williams, at least for now. [...]

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