|Honda's Position on Formula One Racing|
| Tokyo, March 9, 1998 --- Honda Motor Co., Ltd. announced that it has begun a feasibility study on re-entering Formula One (F1) racing, after withdrawing from the races in 1992.
At Honda motorsports have always played an integral role in its corporate culture. For this reason, Honda has committed itself to both motorcycle and automobile racing ever since the company's founding fifty years ago, while also establishing Suzuka circuit and Twin Ring Motegi.
In entering its third era of F1 racing efforts, Honda plans to expand on what it had accomplished during its previous era (from 1983 to 1992), when Honda participated as an engine manufacturer. This time, in addition to the engine, Honda intends to develop and manufacture its original formula car chassis and manage its own racing team, becoming a fully comprehensive F1 team.
Through its renewed F1 involvement, Honda aims to nurture the capabilities of its engineers and develop advanced technologies, among other objectives, in the fiercely competitive environment which F1 racing entails.
Honda's overall F1 planning, including the actual timing of participation, will be finalized by the end of the year. Various items, including team structure and management, are to be worked out with concerned parties throughout the course of the year.
Mr. Nobuhiko Kawamoto, President and CEO of Honda Motor Co., Ltd. commented:
*Championship Auto Racing Teams
- First Era (1964-1968): Participated in races as a Honda team, building original engines and racecar chassis; the team won two out of 35 races.
- Second Era (1983-1992): Participated as an engine manufacturer; Honda engines won 69 out of 151 races.
1965 Mexico F1 Grand Prix, Honda's first victory