Honda CEO Takanobu Ito says he has no regrets withdrawing from Formula One racing last year, saying that it was necessary for the company’s survival. Honda’s former team, now named Brawn GP, had won both the drivers’ and constructors’ championships this season.

When asked by reporters whether he had misgivings for pulling out of the sport, he said that after its withdrawal, it saw its team doing “extremely well” because of the efforts it put into the team. Ito took over Honda in June from his predecessor, Takeo Fakui, who had made the decision to quit F1. Ito said that he believes it was the correct decision. Ito explained that the company’s love for F1 racing had never waned but that its first priority was the company in light of the global recession that had deteriorated its management environment. He also cited the need to comply with environmental requirements, which meant that it had to develop new technologies.

[via autonews]

Tags: car news, Honda, honda f1 news, honda f1 quit, takanobu ito

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