Japan's leading carmaker, Honda Motor Co has withdrawn its Formula One team owing to global economic crisis. The economic slump has lowered the sales of the company hence it decided to withdraw to cut costs. Talking to media, Chief Executive of Honda, Takeo Fukui said that it is a very unfortunate decision but there is no other alternative for the company to come out from the ongoing crisis. Informing further, Fukui stated that at the moment the company has no plans to return to F1.

 

Honda's exit leaves the multi-billion dollar sport facing a depleted grid of 18 cars if no buyer can be found in the extremely tight time-frame available. With the 2009 season starting in Australia on March 29 it will be difficult for Honda to find an immediate buyer. Honda's decision to quit F1 will leave Britain's Jenson Button without a drive for 2009. The company's latest step might also inspire other major manufacturers to shut their operation at F1.

 

In the last couple of years, Honda along with Toyota Motor Corp has spent huge amount in F1. Despite its huge resources, Honda had a dismal 2008 season. Button, a winner for Honda in Hungary in 2006, scored just three points and Barrichello took 11. The team finished ninth overall.