Honda will withdraw from Formula One by the end of the 2021 season. The Japanese engine manufacturer cited environment initiatives as the reason behind this.
Honda resumed competition in F1 in 2015. It is the power unit supplier to Red Bull and AlphaTauri.
The company said it had attained its goals of earning victories last season and two wins in 2020.
Honda’s environmental initiatives which is one of the top priorities of Honda as a mobility manufacturer.
Toward this end, Honda needs to funnel its corporate resources in research and development into the areas of future power unit and energy technologies. This includes fuel cell vehicle (FCV) and battery EV (BEV) technologies, which will be the core of carbon-free technologies, it said.