WRAP Honda won't contest 2009 Formula One season ADDS file
SHOTLIST
December 5, 2008
1. Mid of
Honda cars on forecourt
2.
Tilt down exterior of Honda headquarters
3. Honda Chief Executive Officer (
CEO)
Takeo Fukui walking into news conference
4. SOUNDBITE (
Japanese) Takeo Fukui, Honda CEO:
"We have come to the conclusion that we will withdraw from all
Formula One activities, making 2008 our last (season)."
5.
Cutaway of news conference
FILE: March 10, 2008
6.
Various of former Honda
Formula One drivers Jenson Button and
Rubens Barrichello posing with race car
December 5, 2008
7. SOUNDBITE (Japanese) Takeo Fukui, Honda CEO:
"I feel regretful and am very disappointed. I owe my apologies to the fans. Most of all, I apologise to the people who have joined the F1 team for next year, wonderful engineers including
Ross Brawn and drivers, Jenson Button."
8. Wide of news conference
9. Mid of
Honda Accord in car showroom
10. Wide of showroom
STORYLINE:
Honda has pulled out of Formula One, the Japanese automaker citing a slowdown in the global economy and a need to focus on its core business as reasons.
Escalating operational costs amid the worldwide financial crisis has forced Honda to shut down the racing team, Honda CEO Takeo Fukui said at a media conference in
Tokyo.
He said the company would be willing to sell the team.
The withdrawal of one of the world's biggest car manufacturers is expected to send shock waves through F1, which could start the season with only 18 cars on the grid.
Japanese team
Super Aguri, which was backed by Honda, pulled out of F1 earlier in the
2008 season.
The 2009 season opens March 29 at the
Australian Grand Prix.
Team chiefs Ross Brawn and
Nick Fry informed the near 700 staff late on Thursday in
England.
Fukui apologised to the team and Honda's fans at Friday's news conference.
On Thursday,
Honda Motor Co. announced it is cutting jobs in
Britain and
Japan because of plunging vehicle demand.
It has already reduced its annual production of consumer cars by more than 140-thousand worldwide.
Honda is also cutting 760 temporary workers at four plants, including one motorcycle plant, or nearly 18 percent of its Japan temporary work force of 4,
300, this month and next month in response to nose-diving demand in the US and other key markets, according to a company spokesman.
The Honda team, with an operational budget of around 294 (m) million
US dollars, finished next-to-last in ninth place in the constructors' standings last season with Jenson Button
18th out of 20 drivers with three points.
Rubens Barichello, who was dropped by the team going into 2009, was
14th with the remaining points.
Friday's announcement leaves
Button without a team for 2009.
Brazilian
Bruno Senna, the 25-year-old nephew of the late triple world champion
Ayrton Senna, had been tipped to take the place of compatriot Barrichello at Honda.
Honda, which originally entered F1 as a constructor for a stint in the
1960s before returning as an engine supplier in the
1980s, bought out
BAR
Racing in
2005.
FIA president Max Mosley had described F1's combined 1.6 (b) billion US dollars spending in 2008 as "unsustainable," saying the teams were relying too heavily on the goodwill of rich individuals and corporate sponsors.
Mosley has vowed to push through cost-cutting measures by
2010 to make the sport more affordable for teams.
The auto racing world governing body has already reached a deal with F1 to cap the cost of engines supplied to smaller teams.
Over recent months, the 10 teams had met regularly with F1 boss
Bernie Ecclestone to discuss reducing costs, including streamlining engines.
Honda's announcement could also prompt fears that other major manufacturers could follow Honda's example.
The
Toyota F1 team finished 5th in the season standings.
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