WRAP Honda won't contest 2009 Formula One season ADDS file

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• published: 21 Jul 2015
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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. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/e8f6cbf99c626eae40d966bac8dc6a59 Find out more about AP Archive: http://www.aparchive.com/HowWeWork