Japanese car manufacturer Mitsubishi will pull out of cross country rallying, including the Dakar Rally, as a cost-cutting measure caused by the global economic downturn.
“The sudden deterioration of the global economy made it necessary for the company to focus its resources more tightly,” Mitsubishi said in a statement.
Mitsubishi has dominated the Dakar Rally in recent years, winning 12 times in 26 appearances, including record seven consecutive victories from 2001 to 2007.
“It is extremely regrettable. I am sorry for our fans. We were a good team too,” added Mitsubishi Motors president Osamu Masuko.
“Since 2004, we continued to participate in the rally even in difficult times by cutting costs. We gained much technologically during this time. It pains me to say we will no longer be able to participate.”
Japanese carmakers have been cutting production and thousands of jobs as consumer demand plummets and the strong yen erodes overseas earnings.
