BMW to Quit Formula One at the end of the 2009 Season

In a move that probably won't surprise anyone who has been keeping a close eye on F1 and the automotive scene in general, BMW confirmed today that it will not continue its involvement in Formula One racing after the end of the 2009 season amid slumping sales. The Bavarian automaker said that the resources freed up from the F1 campaign will be dedicated to the development of new drive technologies and projects in the field of sustainability.

"Of course, this was a difficult decision for us. But it's a resolute step in view of our company's strategic realignment," said Dr. Norbert Reithofer, Chairman of the Board of Management of BMW AG.

"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 One campaign is thus less a key promoter for us. 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 One racing. I would like to express my sincere gratitude to Mario Theissen and his team for this," Reithofer added.

BMW Motorsport Director Mario Theissen 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 One racing."

Following BMW's previous partnership with Williams, the German automaker formed the BMW Sauber F1 team in 2005 with the takeover of the existing Sauber F1 team. In last year's season, the BMW Sauber team finished third in the constructors' championship with 135 points, behind Ferrari and McLaren.