TOKYO - HONDA on Friday announced its shock withdrawal from Formula One over the global financial crisis, ending an involvement which began in the 1960s and raising further fears over the sport's future.

Honda Motor president Takeo Fukui made the announcement at an emotional press conference, repeatedly apologising to fans, staff, drivers and F1 authorities.

Honda's Formula One heritage Honda announced on Friday they were pulling out of Formula One. The following details their milestones in the sport: Honda made their Formula One debut at the 1964 German Grand Prix at the Nuerburgring, with rookie driver Ronnie Bucknum starting at the back of the grid. The American ran as high as ninth before retiring with suspension damage. The company's first grand prix win came a year later, with American Richie Ginther triumphant at the 1965 Mexican Grand Prix in Mexico City. It was Honda's 11th start. Honda were fourth overall in 1967, with Briton John Surtees winning in Italy, but pulled out as a full constructor team at the end of the 1968 season. Honda engines powered Williams to the constructors' world championship in 1986. They won again in 1987, when Brazilian Nelson Piquet also took the drivers' title. In 1987 Honda powered the top four finishers at the British Grand Prix. The company's partnership with McLaren in 1988 produced the most dominant team display the sport has ever seen with McLaren's Ayrton Senna and Alain Prost winning 15 of the 16 races between them. They also notched up 10 one-two finishes and 199 points, three times more than second-placed Ferrari. Brazilian Senna, who died at Imola at the wheel of a Williams in 1994, won all three of his world titles with Honda engines. Honda again withdrew as an engine supplier at the end of 1992, having won eight constructors' and drivers' titles with McLaren, but returned to the fray with BAR in 1999. Honda returned to Formula One as a constructor in 2006 after buying the BAR team. Briton Jenson Button won in Hungary that year. On Dec 5, 2008. Honda announce they are pulling out again. -- REUTERS

He said 2008 would be Honda's last season. The Japanese carmaker will not supply its engines to any other teams.

'This is a complete withdrawal. The future is a blank sheet,' he said. 'Five years from now, I think history will show we made the right decision.

'This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the subprime problem in the United States,' Mr Fukui said.

Japan's number two automaker will hold consultations with the team's staff and drivers about their future, including a possible sale.

Honda first competed in F1 in 1964 and has since clocked up three Grand Prix wins, including Jenson Button's in Hungary in 2006.

Its engines have also been behind dozens of victories by stars such as Nelson Piquet, Ayrton Senna and Alain Prost.

The team finished ninth in the constructors championship this season with 14 points. Veteran driver Rubens Barrichello achieved the team's best result with a third-place finish at Silverstone.

Honda Motor also supplied engines and other technical support to Formula One team Super Aguri, which called it quits due to financial problems in May.

Formula One events are also feeling the pinch with this year's Australian Grand Prix going US$27 million (S$41 million) into the red and France axing its race over money worries.

Shanghai organisers recently cast doubt on the future of the Chinese Grand Prix but then retracted their remarks.

Mr Max Mosley, the head of motorsport's world governing body, the FIA, has urged teams to come up with cost-cutting proposals in the face of the global financial downturn, which has hit automakers hard.

'It had become apparent, long before the present economic difficulties, that Formula One was unsustainable,' Mr Mosley said in October.

It is not the first time Honda has quit F1. It withdrew from the sport in 1968 to focus on developing compact passenger vehicles.

The Japanese firm returned to the F1 stage as an engine supplier from 1983 until 1992, when race regulation changes and a ban on the use of turbo systems prompted Honda to withdrew again from the competition.

In 2000, the Japanese firm made yet another comeback by partnering with BAR, supplying engines and jointly developing the vehicle body. Honda took full control of the team from the 2006 season.

Honda, like other Japanese automakers, is reducing production and cutting hundreds of jobs in response to slumping car sales.

'Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount. A recovery is expected to take some time,' Mr Fukui said.

Japanese manufacturers have expanded rapidly in recent years to meet brisk demand for their smaller, fuel-efficient cars, but they have not been immune to the financial crisis, even if they are in better shape than their US rivals. -- AFP