Tobacco.org

Honda Quits Formula One to Cut Costs as Profit Falls (Update3)  

It returned to F-1 in the 1980s as an engine supplier, then in 2004 purchased a stake in the BAR team from British American Tobacco, which it bought out a year later to form the Honda team for the 2006 season. . . .

Honda Motor Co. quit Formula One racing, cutting at least 20 billion yen ($216 million) in costs after the carmaker slashed its earnings forecast, fired assembly workers and reduced production.

Japan’s second-largest automaker may put the Brackley, England-based team up for sale, President Takeo Fukui said today at a news conference in Tokyo. Honda will also no longer supply engines to other teams.

Jump to full article »