Honda withdraws from Formula One

Honda Motor Co. is out of Formula One (F1)—for good. Pressure to cut costs as global auto demand tumbled has prompted the major Japanese automaker to pull out of the prestigious auto race, which costs it more than several tens of billions of yen annually. Honda President Takeo Fukui said at a press conference that his company will start talks with the company’s F1 team on its future course including its possible sale. (December 5, 2008)