BMW pulls out of Formula One

At a press conference held in Munich today, BMW announced that the decision was made in order to free resources for the development of new drive technologies and projects in the field of sustainability. This comes after a disappointing campaign so far this year, where they have failed to impress.

Dr Norbert Reithofer, chairman of the BMW board, said, "Of course, this was a difficult decision for us. But it's a resolute step in view of our company's strategic realignment. Premium will increasingly be defined in terms of sustainability and environmental compatibility. This is an area in which we want to remain in the lead. In line with our Strategy Number ONE, we are continually reviewing all projects and initiatives to check them for future viability and sustainability. Our Formula 1 campaign is thus less a key promoter for us."

Dr Klaus Draeger, a member of the board who was responsible for development, said that the poor performances this season were part of the reason for the decision.

He said, "It only took us three years to establish ourselves as a top team with the BMW Sauber F1 Team. Unfortunately, we were unable to meet expectations in the current season. Nevertheless, our ten years of Formula One experience have had a major impact on our development engineers. We have racing to thank for numerous technological innovations as well as the competitive spirit that drives us to develop mass-produced cars."

With regards to jobs, Dr Draeger said that a decision has not been reached. He explained, "Since we only made this decision yesterday, we cannot provide any more precise information. We will develop and assess various scenarios and do our best to find a solution for the employees in Hinwil and the staff members involved in the Formula One project in Munich. We are aware of the responsibility we shoulder and will inform the staff as soon as we can make a clear statement."

Dr Mario Theissen, BMW Motorsport's director, said he understood why the withdrawal was necessary.

He said, "Of course, we, the employees in Hinwil and Munich, would all have liked to continue this ambitious campaign and show that this season was just a hiccup following three successful years. But I can understand why this decision was made from a corporate perspective. We will now focus sharply on the remaining races and demonstrate our fighting spirit and put in a good result as we bid farewell to Formula 1 racing."

Dr Reithofer also thanked Dr Theissen for his work with the BMW Motorsport division in Formula One, first with Williams and then with Sauber.

"Mario Theissen has been in charge of our motor sports program since 1999. We have scored a large number of successes in this period, including some in Formula 1 racing. I would like to express my sincere gratitude to Mario Theissen and his team for this."

The BMW Sauber team currently lies eighth in the Formula One manufacturer's championship this season.