Formula One News

Dec 8, 2008, 18:23 GMT

Ferrari to speed up savings after Honda exit

Rome - Ferrari will speed up its cost-cutting measures after the Formula One withdrawal of Honda, the Italian team's director Stefano Domenicali said in a newspaper interview published on Monday. Domenicali told the Corriere della Sera paper that Ferrari has already started reducing its spending but that there will now be a 'sharp acceleration' of these measures in 2009. Honda withdrew from F1 with immediate effect on Friday, citing deteriorating business conditions due to the worldwide economic crisis, as uncertainty continued to grow and recovery was expected to take some time. Domenicali named the withdrawal of Honda, which like other teams spent hundreds of millions of dollars (euros) each season in the sport, 'a bolt of lightning in a clear sky.' But he also said he could understand the decision of the Japanese company amid 'a big crisis' in the auto industry. The Italian did not say how much money Ferrari aims to save per season, but insisted that the team aimed to remain competitive. 'Ferrari will remain a leader,' he said. However, Domenicali also reiterated that his team opposes a possible standard engine for all teams, saying that F1 racing must remain 'a technological and sporting competition.' Ferrari are the oldest and most successful team in Formula One with 15 drivers titles, 16 constructors titles and 209 race wins. They won the 2008 constructors title but Felipe Massa lost the drivers' crown by one point against McLaren's Lewis Hamilton.

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