In December 2008, Honda announced that it would be withdrawing from F1 racing, citing financial pressure as a result of the global financial crisis as being the reason.
The Honda Motor Company Ltd, also known simply as Honda, is a Japanese corporation involved in the manufacture of engines and various modes of transportation. While the company is well known for its cars, motorcycles and F1 team, they also involved in the development and production of aeronautical and marine craft as well as robotics and even garden equipment. They are also rated as the largest engine-maker in the world with a production rate of 14 million internal combustion engineers a year. While the manufacturer is based in Tokyo, Japan, the Honda Formula One team has its headquarters in Brackley, Northamptonshire in the United Kingdom.
Honda has thus far enjoyed a long and prosperous period as a Formula One constructor. The company first entered the sport as a constructor in 1964 with Ronnie Bucknum as their driver. In 1965 the Honda F1 team enjoyed their first win at the Mexican Grand Prix at the hands of new team member Richie Ginther. The following year they won the Italian Grand Prix and dominated the French Formula Two championships only to suffer a year of loss in 1968. The death of a teammate coupled with bad sales in the United States resulted in Honda withdrawing from the sport for a while. In the early 1980s they returned to F2 in which they once again enjoyed much success. In 1983 the decision was made to return to Formula One Racing and in 1984 Honda partnered with the Williams team. The partnership proved to be most fruitful and the Williams cars, which were powered by Honda engines, went on to win six consecutive F1 Constructors Champions. The Williams F1 team went on to win again in 1986 and 1987 before Honda made the decision to switch to the McLaren team in 1988.
With the help of their new partners, McLaren went on to win the title in 1988, 1989, 1990 and 1991. At this point, the company made the decision to withdraw from the sport with their related company, Mugen-Honda, continuing to keep the Honda name going strong in the sport until the end of the 1999 season. At the turn of the century, Honda once again entertained ideas of getting involved with F1 racing. They eventually returned to the sport as the official engine suppliers to the British American Racing team. By 2004, Honda had purchased a stake in the team and by the end of 2005, they bought the team and became a constructor. In 2006 Honda clinched a victory at the Hungarian Grand Prix with driver Jenson Button at the wheel.