Honda to Withdraw from F1 in 2021
Tokyo, Oct. 2 (Jiji Press)--Japan's Honda Motor Co. <7267> said Friday that it will withdraw from the Formula One World Championship auto racing series at the end of the 2021 season.
"We decided to allocate our energy management and fuel technologies as well as human resources amassed through F1 activities to research and development of advanced power unit and energy technologies," President and Chief Executive Officer Takahiro Hachigo told an online news conference.
Honda will make the move in order to achieve the goals of electrifying two-thirds of its global automobile sales in 2030 and realizing carbon neutrality by 2050, according to Hachigo.
Honda came back to F1 in 2015 as a power unit supplier after its withdrawal at the end of the 2008 season spurred by the global financial crisis.
In the 2019 season, Honda scored three victories under a partnership with Red Bull Racing, including its first win since the comeback.
[Copyright The Jiji Press, Ltd.]