Honda in pits
Up to 600 staff at Honda GP in Brackley, Northamptonshire face possible redundancy, following the Japanese automaker's decision to withdraw from Formula One racing.
’s second largest car manufacturer,
, has announced that it will be withdrawing all its Formula One activities unless a buyer can be found for the racing outfit by the end of the month.
Weakening results off the track have led the company to pull out of the 2009 season, with the economic downturn cutting into car sales in key markets, including the US.
Honda is currently in consultation with the associates of Honda Racing F1 Team and its engine supplier, Honda Racing Development, regarding the future of the two companies.
Honda’s president, Takeo Fukui said: ‘This difficult decision has been made in the 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.’
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