>


Advertisement
Hot News
for your iPhone
for your iPad
Go to our forums to discuss this news
DATE News (chronologically)
04/28/09
f1
Official: Mercedes to stay in F1
Mercedes doesn’t intend to pull out of Formula One racing despite large first-quarter losses by its parent company and massive cost-saving measures.  Daimler, the parent company, reported a net loss of $1.7 billion in the January-March period compared with a net profit of more than $1.74 billion in the first quarter of 2008.

“We look into our Formula One commitment every year. But even if we dropped out of Formula One now, we wouldn’t be saving a cent because the contracts are long-term,” Daimler’s chief financial officer Bodo Uebber said Tuesday.

Mercedes supplies engines to the McLaren, Brawn and Force India teams.

Uebber said the car company had “no sacred cows,” indicating that a future pullout from Formula One could not be ruled out.

Helmut Lense, Daimler’s labor union leader who has a seat on the board, said last week the company should pull out of F1 because of the financial crisis. He said employees did not believe the company should support a racing team while they are being ask to make sacrifices.

Lewis Hamilton won the Formula One championship last season in a McLaren-Mercedes car. But the team has been struggling this season and faces a hearing in Paris on Wednesday on charges of bringing the sport into disrepute.

Hot News Archives
2000 2001 2002 2003
2004200520062007
2008200920102011
2012201320142015
2016201720182019

Search Hot News
Search Help
AutoRacing1 Inc. BBB Business Review