Honda Quits Formula One Racing

By Jim Armstrong

TOKYO -- Honda(HMC Quote) has pulled out of Formula One racing, with the Japanese automaker saying Friday it needs to focus on its core business amid the slowdown in the global economy.

Honda CEO Takeo Fukui told a packed news conference the company was unable to continue backing an F1 team because of the tougher economic times. He said Honda was open to selling the team.

"The automobile industry is experiencing very difficult times," Fukui said. "Demand started to dry up in November and we can't see the light at the end of the tunnel." ...