Tag: recession

The government is to extend its car scrappage scheme, in an announcement made by Lord Mandelson. He said the scheme, which started in May and gives consumers £2,000 off a new car if they trade in one at least 10 years old, was running out of money.

We cannot do everything but that does not mean doing nothing

Honda has announced that it will discontinue production of the S-2000 sports car by the end of June 2009. The S-2000 is still a highly respected sportscar, and this truly marks the end-of-an-era. It is believed that the credit crunch, the moving environmental goals, and the eagerly anticipated launch of the hybrid Honda CR-Z have combined to bring about the demise of the S-2000.

Honda has cancelled the new NSX as part of a radical restructuring of its car making business. The V10-engined supercar, which was a direct challenge to Ferrari and Porsche, would have been the most powerful production car that the company had ever produced.

Honda is pulling out of Formula One, blaming the world economic crisis for plans to sell its team. The decision leaves Englishman Jenson Button and 2009 team-mate Rubens Barrichello without drives, with only a few mid-ranking seats still available.

Honda, which spent more than £300m a year on F1, said it would also no longer supply the sport with engines.