Honda Motor Co. has pulled out of Formula One racing to save more than $200 million a year. President Takeo Fukui wants to sell the team and won't field a car when the next season starts in March. Engines also won't be supplied to other teams.
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The Formula One world has been turned upside down by Honda's decision to pull out of the sport effective immediately.
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Honda has shaken the motorsport world with a shock decision to withdraw from Formula One and sell its team. Around 800 employees here in England are expected to lose their jobs by the end of January, local media reported.
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Japanese squad pulls out of Formula One as economic crisis tightens its grip.
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Honda Motor pulled out of Formula One racing Friday to save more than $978 million a year as it scrambles to cut costs amid the global market meltdown.
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Speedcar Series' first qualifying session of Season 2 saw Force India Formula One test driver Vitantonio Liuzzi take pole position.
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Honda Motor Company chief Takeo Fukui in Tokyo confirmed on Friday afternoon that the Japanese manufacturer is withdrawing from formula one ahead of the 2009 season. So what's next?
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Honda announced on Friday morning its shock withdrawal from formula one.
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British company Cosworth has won the tender to supply a low-cost engine and transmission package in 2010 and beyond, formula one's governing body announced on Friday.
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British company Cosworth has won the tender to supply a low-cost engine and transmission package in 2010 and beyond, formula one's governing body announced on Friday.
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Honda announced on Friday morning its shock withdrawal from formula one.
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Japanese Formula 1 driver Takuma Sato will test again with the Scuderia Toro Rosso team at Jerez, Spain next week.
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Former Formula 1world champion Kimi Raikkonen has spent much of the time since the last race of 2008 in his native Finland.
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Formula one team bosses have travelled to Geneva, Switzerland, for Thursday's meeting of the FOTA alliance.
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Japanese Formula 1 driver Takuma Sato will test again with the Scuderia Toro Rosso team at Jerez, Spain next week.
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The fourth Formula BMW World Final, to be held at the Autódromo Hermanos Rodríguez in Mexico City from 5th to 7th December 2008, offers the winner a unique prize - he will get the chance of a test drive in a BMW Sauber F1 Team racing car.
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Renault's 2009 Formula 1 car, the R29, will make its test track debut on January 20, team driver Fernando Alonso said at a sponsor event on Tuesday.
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In the grip of the global financial crisis, Honda's formula one team has cancelled its usual annual post-season media lunch.
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The contract was officially signed on Wednesday. Canadian Jacques Villeneuve, the 1997 formula 1 world champion will contest the full 2009 season of the Speedcar series this winter.
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Two-time Formula 1 World Champion Fernando Alonso has said he would consider leaving formula one if the sport enforces standard engines from 2010.
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