The auto maker would like to continue racing “but the situation doesn’t allow for it,” says its top executive.
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Citing the worsening global economy, Honda Motor Co. Ltd. says it is pulling out of Formula 1 racing.
“We want to continue (F1) even now, but the situation doesn’t allow for it,” Honda President Takeo Fukui is quoted as saying.
In October, Honda warned its current fiscal-year earnings would be lower than expected and would trail year-earlier results by some 19%.
