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F1 to Eco, Honda drives for greener cars |
Honda Motor Co Ltd announced Dec 5, 2008, its withdrawal from Formula One racing. It has been part of the F1 community since 2000.
The difficult business conditions caused by subprime problems has been the main reason for Honda leaving. Honda's president Takeo Fukui, commented "We consider that the 100-year-old auto market has entered a new phase, we will redistribute our resources for the development of products aimed at that new market." With regards to Honda Racing F1 Team and Honda Racing Development Ltd, both based in the UK, Honda is presently in talks with their employees and are therefore considering a sell out as an option. Between 350 - 400 engineers have been involved in it's F1 activities and more than 1,000 engineers have made various contributions. Honda will allocate human resources for the developments of fuel efficient cars such as the Insight hybrid. These cars will be aimed at the European and Indian markets. |
