This will help Honda become carbon neutral by 2050.
It's the end of an era, as Honda has announced it will no longer be supplying engines for the Formula One championship. The Japanese automaker's participation in the FIA Formula One World Championship will end after the 2021 race season. Instead, Honda wants to utilize the experience gained from supplying Formula One engines to focus on developing fuel-cell and battery EV technologies as part of the company's strategy to become carbon neutral by 2050 and have electrified cars make up two-thirds of the company's global sales in 2030.
"Honda needs to funnel its corporate resources in research and development into the areas of future power unit and energy technologies, including fuel cell vehicle (FCV) and battery EV (BEV) technologies, which will be the core of carbon-free technologies," Honda said in a statement.
Honda returned to Formula 1 in 2015 after withdrawing in 2008 with "the goal to win using its own energy management technologies." Initially, Honda supplied engines for McLaren, but numerous difficulties resulted in the partnership ending after three seasons. The Japanese automaker currently supplies power units for AlphaTauri and Red Bull.
"As a Team we understand how difficult it has been for Honda Motor Company to reach the decision to step back from Formula One at the end of the 2021 season," said Red Bull Team Principal Christian Horner. "Whilst we are disappointed not to continue our partnership with Honda, we are enormously proud of our joint success, delivering five wins and 15 podiums for both Red Bull-owned teams and we thank everyone at Honda for their extraordinary efforts and commitment."
With Honda pulling out of F1 after 2021, we can expect the Japanese manufacturer's electric car range to expand rapidly over the next few years. While Honda is late to the EV party, its electrification strategy has ramped up recently with the launch of the Japanese carmaker's first mainstream EV, the Honda E, and the recent reveal of the Honda SUV e-concept at the 2020 Bejing Auto Show.
By 2025, Honda also aims to electrify all of its mainstream models by 2025 beyond its current hybrid model lineup such as the Insight. This isn't the only big change Formula One is facing, as Aston Martin will compete in the championship in 2021 for the first time in over 60 years.