Honda, the second Japanese car maker, announced Friday, in Tokyo to withdraw from Formula 1 because of the global economic crisis.
“Honda will withdraw from Formula 1 and 2008 will be his last season,” said Honda Motor president, Takeo Fukui, in a press conference.
“This difficult decision was taken following the rapid degradation of the automobile industry, caused by restricting credit and global economic recession,” Fukui added.
He noted that the company has not made a decision on the sale of any team and has apologized repeatedly for the pilots, employees and supporters of team Honda, for this withdrawal.
Honda team has discovered pilots such Nelson Piquet, Ayrton Senna and Alain Prost.
Honda was ranked 9 on the constructor’s standings this year, with 14 points. The Brazilian pilot Rubens Barrichello has achieved the best performance of the Japanese team to finish third place at the Silverstone.
Honda has supplied engines and technical support F1 team, Super Aguri, who has announced withdrawal in May because of financial difficulties.
Japanese company announced that it will not extend temporary contracts of a total of 760 workers working in its plants in Japan by the end of January.
This is really sad news! 🙁 Good luck Honda in coming back on Formula 1 Team!