Cars
Those who believed that the glamorous world of Formula One motor racing would remain immune from the global economic were apparently mistaken. On Friday, 5 December, Honda CEO and President Takeo Fukui announced the company's withdrawal from all Formula One activities, making 2008 the last season of participation. The Japanese automaker blamed the world economic crisis for plans its decision to quit and, as Fukui revealed, to sell the F1 team.
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In a move that probably won't surprise anyone who has been keeping a close eye on F1 and the automotive scene in general, BMW confirmed today that it will not continue its involvement in Formula One racing after the end of the 2009 season amid slumping...
- Vauxhall Pulling Out Of Btcc At The End Of 2009 Amid Crisis
General Motors' UK brand Vauxhall announced on Friday that it will depart from the British Touring Car Championship (BTCC) at the end of the 2009 season due to the ongoing global economic crisis. "The decision to withdraw from the BTCC in 2010 was...
- Honda Pulls Out From 2009 Frankfurt Motor Show
With the auto industry feeling the pinch or rather the punch of the global financial crisis, carmakers are looking for ways to cut down expenses, and that includes their participation at auto shows. Now Honda has become the first major automaker to officially...
- Breaking: Subaru Withdraws From World Rally Championship
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Cars
Honda Pulls Out of F1 Championship Due to Economic Crisis
Those who believed that the glamorous world of Formula One motor racing would remain immune from the global economic were apparently mistaken. On Friday, 5 December, Honda CEO and President Takeo Fukui announced the company's withdrawal from all Formula One activities, making 2008 the last season of participation. The Japanese automaker blamed the world economic crisis for plans its decision to quit and, as Fukui revealed, to sell the F1 team."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," said Honda president Takeo Fukui.
"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," he added.
Honda's somewhat shocking withdrawal from the F1 championship also leaves its two star drivers, Jenson Button and Rubens Barrichello, without a team for the 2009, with only a few seats still available for the season.
- Ford To Withdraw From The World Rally Championship At The End Of This Season
In a surprise move, Ford of Europe became the second team after MINI in four days to announce a withdrawal from the World Rally Championship (WRC) after the 2012 season. Ford's motorsport division, in its current form, has participated in the WRC...
- Bmw To Quit Formula One At The End Of The 2009 Season
In a move that probably won't surprise anyone who has been keeping a close eye on F1 and the automotive scene in general, BMW confirmed today that it will not continue its involvement in Formula One racing after the end of the 2009 season amid slumping...
- Vauxhall Pulling Out Of Btcc At The End Of 2009 Amid Crisis
General Motors' UK brand Vauxhall announced on Friday that it will depart from the British Touring Car Championship (BTCC) at the end of the 2009 season due to the ongoing global economic crisis. "The decision to withdraw from the BTCC in 2010 was...
- Honda Pulls Out From 2009 Frankfurt Motor Show
With the auto industry feeling the pinch or rather the punch of the global financial crisis, carmakers are looking for ways to cut down expenses, and that includes their participation at auto shows. Now Honda has become the first major automaker to officially...
- Breaking: Subaru Withdraws From World Rally Championship
It's a sad day for rally fans like ourselves today as Subaru has announced its decision to withdraw from the World Rally Championship at the end of the year because of the financial crisis. "This sudden decision was made in response to the widespread...