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Statement by Takeo Fukui, President and CEO, Honda Motor Co., Ltd.
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Date: December 05, 2008 08:43
Submitted by:
JeffX
Source:
Honda Japan Press Release
Credibility Rating:
Not Specified
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.
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Your Feedback
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Date |
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User |
12-08-2008 04:54 |
Others will do the same (Score: 1, Normal) |
Alex_Bog_16v |
12-17-2008 07:16 |
(Score: 1, Normal) |
Alex_Bog_16v |
12-05-2008 11:40 |
Acceptable. Now time for a Honda one-make series (Score: 1, Normal) |
Potenza |
12-05-2008 12:08 |
(Score: 1, Normal) |
longhorn |
12-15-2008 11:27 |
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jp182 |
12-05-2008 14:02 |
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Chris David |
12-05-2008 23:48 |
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owequitit |
12-07-2008 11:29 |
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2007RC46SP2 |
12-15-2008 11:34 |
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jp182 |
12-05-2008 09:12 |
Is Acura next? (Score: 1, Normal) |
Cj |
12-05-2008 10:05 |
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longhorn |
12-05-2008 12:59 |
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Cj |
12-05-2008 14:06 |
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PGH |
12-05-2008 15:59 |
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TR |
12-05-2008 17:07 |
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JeffX |
12-05-2008 17:51 |
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TR |
12-05-2008 22:38 |
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TheGripper |
12-05-2008 23:39 |
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TR |
12-06-2008 10:30 |
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TheGripper |
12-06-2008 10:44 |
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TheGripper |
12-08-2008 18:44 |
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MasterOfDaDomain |
12-08-2008 19:44 |
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TheGripper |
12-08-2008 21:35 |
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Colin |
12-10-2008 14:37 |
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MasterOfDaDomain |
12-10-2008 20:30 |
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Colin |
12-11-2008 13:10 |
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MasterOfDaDomain |
12-11-2008 14:08 |
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Colin |
12-07-2008 09:07 |
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PGH |
12-07-2008 12:56 |
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Nick GravesX |
12-08-2008 19:50 |
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TheGripper |
12-07-2008 11:49 |
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osaze |
12-07-2008 14:44 |
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Neilap |
12-05-2008 10:18 |
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JMU R1 |
12-05-2008 11:10 |
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Potenza |
12-05-2008 11:48 |
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JMU R1 |
12-05-2008 10:42 |
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cforez |
12-05-2008 10:43 |
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mchester |
12-05-2008 14:51 |
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lexusgs |
12-05-2008 14:58 |
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jero |
12-05-2008 15:13 |
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Nick GravesX |
12-06-2008 13:19 |
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CivicSi2009 |
12-05-2008 23:27 |
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MalcolmR |
12-05-2008 14:56 |
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hondacura |
12-08-2008 04:09 |
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techline |
12-14-2008 18:19 |
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JSG |
12-05-2008 14:44 |
LOL... I knew it (Score: 1, Normal) |
jero |
12-05-2008 14:53 |
(Score: 1, Normal) |
Chris David |
12-11-2008 10:51 |
(Score: 1, Normal) |
Frogger |
12-05-2008 10:49 |
Dont understand why they did it just before start of what couldve been the best season! (Score: 1, Normal) |
HONDA FANATIC |
12-05-2008 13:35 |
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Nino |
12-06-2008 00:08 |
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Atomic Frog |
12-05-2008 13:59 |
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Chris David |
12-05-2008 15:05 |
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sennaFAN |
12-05-2008 23:16 |
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MalcolmR |
12-06-2008 00:22 |
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CarPhreakD |
12-06-2008 00:46 |
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bluefz22 |
12-06-2008 04:16 |
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HONDA FANATIC |
12-06-2008 04:29 |
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sennaFAN |
12-06-2008 13:42 |
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si91 |
12-06-2008 14:32 |
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12-06-2008 16:52 |
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12-06-2008 17:14 |
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12-06-2008 18:12 |
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12-06-2008 18:24 |
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WongKN |
12-06-2008 18:38 |
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WongKN |
12-06-2008 17:30 |
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Solo2EG |
12-11-2008 07:32 |
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Nobby UK |
12-11-2008 10:44 |
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Frogger |
12-05-2008 10:43 |
Five stages of grief (Score: 1, Normal) |
Neilap |
12-05-2008 15:00 |
(Score: 1, Normal) |
sennaFAN |
12-05-2008 23:34 |
(Score: 1, Normal) |
MalcolmR |
12-07-2008 00:09 |
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Kiwi Vtec |
12-07-2008 10:25 |
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Neilap |
12-07-2008 11:32 |
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HONDA FANATIC |
12-08-2008 16:44 |
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xcess |
12-09-2008 13:31 |
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cforez |
12-10-2008 03:58 |
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HONDA FANATIC |
12-07-2008 02:18 |
Big mistake... (Score: 1, Normal) |
s2ktaxi |
12-07-2008 03:29 |
(Score: 1, Normal) |
Hondarulez |
12-05-2008 10:31 |
Sad, but now all those top engineers can work on the next civic (Score: 1, Normal) |
kiwikungfu |
12-05-2008 14:17 |
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PGH |
12-05-2008 14:47 |
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jero |
12-05-2008 23:36 |
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MalcolmR |
12-06-2008 00:17 |
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klui_188 |
12-05-2008 10:03 |
Max and Bernie (Score: 1, Normal) |
mad_ox1 |
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