Formula One news

The end of the Honda dream

Japanese car manufacturer Honda made an official announcement on Friday that the company will withdrawal from Formula One immediately. At a press conference in Tokyo Honda president Takeo Fukui announced the team has to withdrawal due to the difficult economic circumstances.

2008 line-up

At the press conference in Tokyo Fukui said: "We, Honda Motor Co., Ltd., have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of participation.

"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.

"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."|

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