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Honda Withdraws from Formula 1

With the worldwide economic recession turning into a nightmare for every automaker, Honda has decided to withdraw from Formula 1. Following Audi’s withdrawal from the 2009 American Le Mans Series, Honda has decided to put its team up for sale in the process.

The decision to fold up the Formula 1 team does not come as any surprise. Honda’s President and CEO Takeo Fukui said in a press release that Honda has to protect its core interests and counter negative influences—implying the slowing of global auto industry sales. Not having won a grand prix since 2006, and considering the team’s consistent finishes at the rear of the pack for 2008, Honda’s F1pullout is considered to have little effect on the 2009 season.

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