Honda / Acura K20a K24a Engine Forum banner

1 - 20 of 25 Posts

·
Registered
Joined
·
1,691 Posts
Re: Honda to possible Quit F1

that sucks
 

·
Registered
Joined
·
15,818 Posts
Re: Honda to possible Quit F1

I wonder whatever happened to the whole "without racing, there is no honda" crap
 

·
Registered
Joined
·
15,818 Posts
Re: Honda to possible Quit F1

Full statement from Honda:
“We, Honda Motor Co., Ltd., have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of participation.

“This difficult decision has been made in 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. A recovery is expected to take some time.

“Under these circumstances, Honda has taken swift and flexible measures to counter this sudden and expansive weakening of the marketplace in all business areas. However, in recognition of the need to optimize the allocation of management resources, including investment regarding the future, we have decided to withdraw from Formula One participation.

“We will enter into consultation with the associates of Honda Racing F1 Team and its engine supplier Honda Racing Development regarding the future of the two companies. This will include offering the team for sale.

“In its third era of Formula One activities, Honda has been participating in Formula One races from the 2000 season, initially with BAR, by adopting a new format of jointly developing racing machines. Subsequently, in a move to meet the changing environment surrounding Formula One, we switched to running a 100 percent Honda-owned team commencing with the 2006 season.

“Surmounting many challenges, the Honda Team achieved a Grand Prix victory in 2006, enabling Honda to receive overwhelming support from Honda fans around the world that were looking forward to greater success. It, therefore, has been an extremely difficult decision for us to come to this conclusion without having been able to fully meet the expectations of our fans.

“By making the best of what we have learned during these times of economic turmoil, coupled with the spirit of challenge gained through active participation in racing, we intend to continue with our commitment in meeting new challenges.

“Finally, we would like to take this opportunity to sincerely thank our fans and all those who have supported Honda’s Formula One efforts, including everyone in the world of Formula One.

"Thank you very much."

Takeo Fukui
President and CEO
Honda Motor Co., Ltd.
 

·
Registered
Joined
·
4,370 Posts
Discussion Starter #12
Re: Honda to possible Quit F1

what you think are the chances the ford etc... willwithdraw from Nascar...? don't really follow either closely, is it comparable?
 

·
Registered
Joined
·
21,788 Posts
Re: Honda to possible Quit F1

what you think are the chances the ford etc... willwithdraw from Nascar...? don't really follow either closely, is it comparable?
no way, not even close. Im guess honda was/is spending around 225-325 million a year on the F1 program. rumors have said toyota spends about 400 million. crazyness. Did any one read Bernie ecclestone's comment, some what along the lines of "these guys should be home playing playstation, not running a formula one racecar team blowing millions of dollars..."
 

·
Premium Member
Joined
·
4,257 Posts
Re: Honda to possible Quit F1

no way, not even close. Im guess honda was/is spending around 225-325 million a year on the F1 program. rumors have said toyota spends about 400 million. crazyness. Did any one read Bernie ecclestone's comment, some what along the lines of "these guys should be home playing playstation, not running a formula one racecar team blowing millions of dollars..."
Statement is a little harsh, but honda has pretty much sucked in F1 for the past 2yrs.
 

·
Registered
Joined
·
15,818 Posts
Re: Honda to possible Quit F1

I think it is also deeper... about the stock market etc...

Better to quit the program then lay off more people..

also think about how much the F1 will suck when they go to a spec motor... or... the 1.4 liter turbo they are talking about
 

·
Premium Member
Joined
·
4,257 Posts
Re: Honda to possible Quit F1

I think it is also deeper... about the stock market etc...

Better to quit the program then lay off more people..

also think about how much the F1 will suck when they go to a spec motor... or... the 1.4 liter turbo they are talking about
Its a smart move as a company/business in this economy. Hopefully we will see them back and competitive again.

I just hate to watch the f1 starting grid get even smaller...
 

·
Registered
Joined
·
60 Posts
guess it just had to be done with the way the market is
 

·
Went to the Dark Side
Joined
·
5,173 Posts
well my honda stock is still increasin so i guess their not that bad off plus more people are buyin hondas than back in the 70s
 
1 - 20 of 25 Posts
Top