06 December 2008

Honda To Quit Formula One, Citing Global Financial Crisis

TOKYO, Dec 5 (Bernama) -- Honda will withdraw from Formula One by the end of this year, citing deteriorating business conditions due to the global financial turmoil and the worldwide economic downturn. "Near-term uncertainty surrounding the global economy continues to grow and we expect recovery to take some time," President Takeo Fukui of Honda Motor Co., Japan's second-largest automaker, was quoted by Kyodo News Agency as saying Friday. "It was a very difficult decision," Fukui said. -- BERNAMA

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