BMW pulling out Formula One

BMW is pulling out of Formula One at the end of this season, the second car maker to leave the series within a year.

The company announced the decision at a news conference Wednesday, saying it wanted to use the significant F1 budget in other areas. It will remain involved in other forms of motor sport.

Since entering F1 as a team by taking over the Sauber team ahead of the 2006 season — it had previously acted as an engine supplier — BMW had posted just one race win, at last year's Canadian Grand Prix.

Touted as a championship contender for the 2009 season, BMW lagged well behind the pace of the leading teams.

"Of course, this was a difficult decision for us. But it's a resolute step in view of our company's strategic realignment," BMW chairman Norbert Reithofer said at the news conference.

He said the Munich-based car maker would use the resources previously spent on the F1 team to advance "sustainability and environmental compatibility."

Klaus Draeger, the board member responsible for development, said the team was "unable to meet expectations in the current season."

BMW's withdrawal followed that of Japanese car maker Honda ahead of the 2009 season, illustrating the growing pressure upon car makers to cut costs amid a global economic downturn that had hit new car sales.

Their withdrawal also lent credence to efforts by the FIA to significantly reduce F1 costs in order to retain existing teams and attract new entrants.

The decision to end its involvement on Formula One only came Tuesday and the company was still considering what to do with the staff involved with the team, Draeger said.

"Of course ... would all have liked to continue this ambitious campaign and show that this season was just a hiccup following three successful years," BMW motorsport director Mario Theissen said.

"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."

The withdrawal will prompt speculation about the future of drivers Robert Kubica and Nick Heidfeld. Kubica will be in strong demand for next season and will likely remain involved in F1.

The future for Heidfeld is less certain, though his long stint in the sport could make him an attractive option for the new entrant teams next season, who will be looking for an experienced driver.

In its debut season in 2006, BMW Sauber wound up fifth in the constructors' championship. In 2007, the German-Swiss team came in second after McLaren-Mercedes' exclusion from the points standings.

In 2008, the team was in the hunt for the world championship until the end of the season, winding up third. Kubica had the only GP victory in Canada.

So far, the BMW Sauber F1 Team has taken one pole position (Kubica in Bahrain in 2008) and 16 podium finishes. It is eighth in the constructors' standings in the current season.

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AP sports writer Nesha Starcevic contributed from Frankfurt.