Honda right to quit Formula One

Confirming news reports that broke in the UK on Thursday, Honda CEO Takeo Fukui today said that the Japanese car maker is pulling out of Formula One, blaming the appalling outlook for the auto sector. In a statement, Fukui said that with the global economy bleak it needs to focus on its core business activities. “A recovery is expected to take some time,” he said. Honda will look for a buyer for its UK-based F1 racing operations, which employs 700. If one isn’t found, it will be closed down.

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