Financial Crisis Forces Changes at Honda

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Japan’s Honda Motor Co. Ltd. on Dec. 5 announced its decision to end its Formula One activities. That was followed Dec. 12 by American Honda’s decision to drop out of AMA road racing. Most recently, on Dec. 18, Honda Motor Co. Ltd. President and CEO Takeo Fukui said the financial crisis has forced the OEM to radically update its business plan over a very short period of time.

“The situation is worsening day by day and is showing no sign of recovery,” says Takeo Fukui, president and CEO, Honda Motor Co. Ltd. “As we face the next year, while hoping for the earliest recovery of the global economy and the market situation, Honda will develop business plans based on an assumption that the situation will worsen next year and will navigate the company through this challenge.”

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