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Honda Exits F1Honda Exits F1
The auto maker would like to continue racing “but the situation doesn’t allow for it,” says its top executive.
Ward's Staff From Wires
December 5, 2008
1 Min Read
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%.
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