In a statement published today by the Japanese manufacturer, Takeo Fukui, President and CEO, announced that Honda leaves F1 racing. He said that the 2008 season will be last one for Honda in Formula One. Takeo Fukui said this decision was taken because of the crisis in the automotive industry.
Honda has been racing in Formula One since 2000, initially collaborating with BAR for developing the race cars. In 2006 the company switched and started developing the race cars on its own and racing with a 100% Honda owned team. In the same year Honda managed to get a Grand Prix victory.
Honda also announced that it considers selling the Honda Racing F1 Team and its engine supplier, Honda Racing Development.
