With the auto industry feeling the pinch or rather the punch of the global financial crisis, carmakers are looking for ways to cut down expenses, and that includes their participation at auto shows. Now Honda has become the first major automaker to officially pull out of the forthcoming 2009 Frankfurt Motor Show in Germany this September. "Due to the unprecedented market downturn, Honda has come to a conclusion that the company will have to skip its participation to the Frankfurt motor show this year," the company said in a statement.
As part of its cost-cutting plan, Honda announced in December 2008 that it would withdraw from all Formula One activities while the automaker has also cut down on other 'expenses'. "Honda is trying to reduce every possible cost in various areas including manufacturing, sales and marketing activities to strengthen its business constitution to overcome the tough climate of today," the automaker said.
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