As expected, Honda Motor Company chief Takeo Fukui in Tokyo confirmed on Friday afternoon that the Japanese manufacturer is withdrawing from formula one ahead of the 2009 season.
He said the decision was taken as a result of the prevailing conditions in the automotive sales sector, including a near-unprecedented decline of more than 30 per cent in its biggest market, the United States, last month.
Fukui also revealed that Honda will not even remain involved in F1 as an engine supplier, despite attempts to sell the Brackley based team as a going concern before the 2009 season commences in late March.
Instead, it is understood that Honda team boss and former Ferrari technical director Ross Brawn has arranged that a buyer of the Brackley outfit will be powered by 2.4 litre Ferrari V8s.
2008 constructors' world champions Ferrari have the capacity to supply an extra team next year, given the switch of customer partner Force India to Mercedes power.
According to early speculation, one potential buyer of the team could be Dubai International Capital (DIC), which came close to buying Super Aguri when Honda pulled its support for the satellite team earlier this year.
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.
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.
Thank you very much.
Takeo Fukui President and CEO Honda Motor Co., Ltd.
and those guys did'nt did sh*t for the 2008 car, they where preparing all year long for 2009, they where going to get back on the podiums, and now they withdrawing???? it's a shame such a big name of F1, which had the best drivers like Senna, Prost....
it is another casualty in the F1 industry.. sad, but Honda made a sound decision considering the current economic situation. I do not want to see Honda to be one of the big three that are begging for help now..
i agree electra..i also don't want to see honda begging for help..but it's sad to lost one major name in the F1, ohh crap..i hope button can find another great team,perhaps his new team next year will be " DIC Racing F1 "...
It is sad. However, it is a smart move, concidering the current global economy. And who's to say that Honda would not return to F1 once everything stablizes. I say "be like the smart ant and prepare for the rough days ahead".
