Honda to quit Formula One, citing global financial crisis
5/12/2008 16:43
Honda will withdraw from Formula One by the end of this year, citing
deteriorating business conditions due to the global financial turmoil and the
worldwide economic downturn.
"Near-term uncertainty surrounding the global
economy continues to grow and we expect recovery to take some time," President
Takeo Fukui of Honda Motor Co, Japan's second-largest automaker, was quoted by
Kyodo News Agency as saying today.
"It was a very difficult decision," Fukui
said.
Xinhua
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