Attempting to cut costs, Japan's No. 2 carmaker axes racing program
(NEWSER) - Honda, facing economic drag as the financial crisis sharply curtails demand for automobiles, is withdrawing from Formula 1 racing, at least until global markets turn the corner, the Guardian reports. Honda's CEO once pledged to spend “a trillion yen” to secure an F1 title, but shareholders have pressured the company to cut costs, and the nonessential $500 million going toward the racing team yearly was an easy target. More»
