Honda Pulls Out of Frankfurt Motor Show
The flailing auto market has caused the auto show circuit to take a battering this season, and Frankfurt won’t be spared any casualties.
In a press release issued earlier this week, Honda announced that it will not participate in the 2009 Frankfurt motor show.
“Due to the unprecedented market downturn, Honda has come to a conclusion that the company will have to slip its participation to the Frankfurt motor show this year,” the release said.
Honda is the second major Japanese automaker to pull out of Frankfurt this year. Nissan announced earlier that it would only participate in one auto show per continent; in Europe, Nissan attended the Geneva show, and will not be present at Frankfurt.
Due to financial difficulties, Honda has already withdrawn from Formula One, and is also planning a 4 month shutdown of its UK manufacturing facility to stem inventory bloating. In the U.S., Honda will shut down its operations for 13 days starting in May, to reduce production by 62,000 vehicles. In addition, it is reducing pay of salaried and factory workers, eliminating or reducing bonuses, and offering buyouts.