Filed under: Motorsports, BMW, Earnings/Financials
BMW's Board of Management met this week and voted to to wind down its Formula One team at the end the of the 2009 series after just four seasons. According to a statement from BMW, the resources that had been expended on the company's F1 program will instead be re-directed to the "
development of new drive technologies and projects in the field of sustainability." That means we will likely be seeing a significant ramp-up of work on electrification and efforts like Project I which first spawned the MINI E.
After returning to F1 as an engine supplier first to BMW in 2000 and later to Sauber, BMW took over the Sauber team prior to the 2006 season. Since then, BMW Sauber has only managed a single win and has struggled in 2009 under the series' revamped technical rules. BMW has not yet given any indication that it is open to selling the team and its assets the way Honda did last year to Ross Brawn.
The automaker's other motorsports programs will continue in 2010 and beyond with efforts in touring cars, the American Le Mans Series and Formula BMW. A press release and statement from CEO Dr. Norbert Reithofer are after the jump.
[Source: BMW | Image: Mark Thompson/Getty]
Continue reading BREAKING: BMW announces withdrawal from Formula One at end of 2009
BREAKING: BMW announces withdrawal from Formula One at end of 2009 originally appeared on Autoblog on Wed, 29 Jul 2009 08:28:00 EST. Please see our terms for use of feeds.
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