Honda Motor Co., Ltd., have withdrawn from all Formula One activities, making 2008 the last season of participation.

In a statement by Honda’s President and CEO Takeo Fukui, he said that the decision was made, “in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies.”

He continued, “Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount.  A recovery is expected to take some time.”

Honda has been participating in Formula One races since 2000, initially with BAR, by adopting a new format of jointly developing racing machines.  Subsequently, they switched to running a 100% Honda-owned team commencing with the 2006 season. The Honda Team achieved a Grand Prix victory in 2006.