Honda to withdraw from F1 due to global economic downturn

TOKYO, Japan - Honda President Takeo Fukui told a press conference in Tokyo on Dec. 5 that his company will withdraw from Formula One, making 2008 its last season in F1 motor racing. He said the business conditions of the second-largest Japanese automaker have rapidly deteriorated amid the worldwide economic downturn and it can no longer bear the operating costs for F1. (Kyodo)

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