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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Honda announced on Friday morning its shock withdrawal from formula one.
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Honda announced on Friday morning its shock withdrawal from formula one.
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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 of the UK Manufacturing - the automaker's car and engine facility in Swindon - has denied offering early retirement, as reported earlier today by Reuters, but said it is offering an "associate release programme".
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Honda of the UK Manufacturing - the automaker's car and engine facility in Swindon - has denied offering early retirement, as reported earlier today by Reuters, but said it is offering an "associate release programme".
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The US vehicle market will contract by about 5% in 2009, a senior Honda Motor executive has said, adding that the company may reduce production further.
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Toyota Kirloskar - a joint venture between Toyota Motor and Kirloskar Motors India - has put the launch of the Prius hybrid on hold because it cannot price the car competitively against its Honda rival.
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Ahead of its scheduled rollout at next month's Detroit auto show, Honda on Tuesday released a photo of the production version of the new Insight hybrid.
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Honda is to put off boosting output capacities in Turkey and India in light of weak sales worldwide.
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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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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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Ford, General Motors, Toyota and Honda reported U.S. sales drops of more than 30 percent in November as a staggering U.S. economy dragged industrywide demand to the lowest level in 26 years. Every automaker posted a decline as sales fell 36.
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Ford, General Motors, Toyota and Honda reported U.S. sales drops of more than 30 percent in November as a staggering U.S. economy again dragged industrywide demand to 25-year lows. Ford Motor declined for a 12th consecutive month.
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This year the LA show is overshadowed by the state of the US car industry, with the CEOs of the big three US automaker going to congress to ask for a $25 billion dollar bail-out package on the first press day... As expected, there were less new production debuts and far less concept car unveils at the show, but there were still some world debuts for several important global designs: the Nissan 370Z, Nissan Cube, Mazda3 and Lexus RX. A new Mustang, radical Honda FC Sport concept and refreshed Porsche Boxster and Cayman designs are amongst the other Highlights of the show.
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