Honda needs buyer or it will quit Formula OneDecember 5th, 2008 - 5:15 pm ICT by ANI
London, Dec.5 (ANI): Honda is likely to pull out of Formula One unless a buyer can be found by the end of the month.
Honda Motorsport Corporation said it was pulling out of Formula One because of the global financial crisis.
The Independent quoted Takeo Fukui, the chief executive of Honda Motors, as saying that the company would be willing to sell the team. If no buyer were found, the firm would withdraw from the 2009 competition and end its nine-year involvement in the sport, he added.
“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, Fukui was quoted, as saying.
“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,” he added. (ANI)
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