Skip advert
Advertisement

Honda quits F1

Japanese sensationally drop out of Formula One

Honda has quit F1 due to deepening financial worries and a crashing car market. Honda has recently pulled back production at its Swindon plant, and the decision to leave F1 is apparently to protect the brand's core business activities.

Where this leaves Jenson Button remains to be seen, with Honda placing its team for sale rather than winding it down altogether. It sends a stark message out to followers of F1 though, who may now fear other manufacturers such as Renault doing the same.

Advertisement - Article continues below

This is the statement from Takeo Fukui, President and CEO of Honda Motor Co:

"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."

Extra Info

Skip advert
Advertisement

Recommended

Honda’s next-gen 0 Series saloon is wedge-shaped, lightweight and electric
Honda 0 Series saloon – front
News

Honda’s next-gen 0 Series saloon is wedge-shaped, lightweight and electric

Honda has previewed its new era of EVs with the radical 0 Series saloon – and it could reach production in 2026
10 Jan 2024
The Honda Prelude has returned as a hybrid-powered coupe
Honda Prelude – front
News

The Honda Prelude has returned as a hybrid-powered coupe

The sports coupe sector has withered away in recent years, but Honda is pinning its hopes on a two-door Prelude hybrid that could make production
25 Oct 2023
Skip advert
Advertisement

Most Popular

The new Mercedes-AMG G63 has arrived, and it still has a V8
Mercedes-AMG G63
News

The new Mercedes-AMG G63 has arrived, and it still has a V8

Some of Affalterbach’s range-toppers are swapping eight cylinders for four, but the AMG G-class retains its V8 for 2024
26 Mar 2024
The new Toyota GR Yaris costs £44,250 – too much for a hot supermini?
Toyota GR Yaris Gen 2 – front
News

The new Toyota GR Yaris costs £44,250 – too much for a hot supermini?

Our early impressions of the Gen 2 GR Yaris suggest that it’s an improvement in every area that counts, but can it be worth £18k more than an i20 N?
27 Mar 2024
Land Rover Defender OCTA: twin-turbo V8 and McLaren-style suspension tech for hot off-roader
Land Rover Defender OCTA – front
News

Land Rover Defender OCTA: twin-turbo V8 and McLaren-style suspension tech for hot off-roader

The OCTA promises to be the fastest, toughest and most capable Defender yet when it launches later this year
26 Mar 2024