Subaru joins the exodus amid credit crunch
The World Rally Championship lost one-third of its teams within 24 hours when Subaru announced yesterday it was following Suzuki out of the competition.
Both Japanese automakers cited concerns about the global economic crisis for quitting the sport.
It leaves Citroen and Ford as the only manufacturers in the FIA WRC competition for next season and it followed the shock decision of Honda, Japan’s second biggest car manufacturer, to withdraw from Formula One.
Fuji Heavy Industries, Subaru’s parent, announced the decision yesterday.
“We will not contest the 2009 FIA World Rally championship due to the pressures of the global economic crisis that spread from the US financial crisis that began this Autumn,” FHI president Kyoji Takenaka told a news conference. “The automotive industry worldwide, whether they are in developed on non-developed countries, have been hit hugely.”
An FHI statement said: “In order to optimize the management resources and to strengthen further the Subaru brand, FHI decided to withdraw from WRC activities at the earliest timing.”
Subaru has been involved in the WRC together with Prodrive, a British-based auto sports group, for 19 years and has won three constructors’ titles and three drivers’ championships. It was third on the standings this season.
Car makers worldwide are under intense pressure to reduce spending as demand has dried up in recent months.
Honda announced it was pulling out of Formula One on December 5, a day after announcing it was cutting jobs in Britain and Japan and reducing its annual production of consumer cars.
F1 unveiled cost-cutting measures for teams in the wake of Honda’s withdrawal.
WRC organizers have bigger problems, with only four teams backed by two manufacturers remaining.
“Subaru’s departure from the World Rally Championship is a great loss as it is one of the sport’s icons,” Prodrive Chairman David Richards said. “The Subaru World Rally Team has created true champions such as Colin McRae and Richard Burns.”
