Japan's Fuji Heavy Industries, the maker of Subaru cars, said today it would withdraw from the world rally championship at the end of the 2008 season because of the global financial crisis.

“Our business environment has rapidly deteriorated. In order to protect the Subaru brand we were forced to make this decision,” Fuji Heavy President Ikuo Mori told a press conference.

Mori fought back tears as he announced the decision at a press conference here, thanking Subaru fans.

He cited the global economic slump and falling car sales as major reasons.

The company had already decided to pull out of the rally at the end of 2009 but brought forward the timing due to the severity of the business environment, he said.

The announcement came a day after Suzuki said it would not compete in the 2009 world rally championship largely because of the present financial crisis.

Their exit follows the shock withdrawal of Honda from Formula One earlier this month.

AFP

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