BERLIN, July 29 – German car manufacturer BMW announced on Wednesday that they will pull out of Formula One at the end of this season.
"The BMW Group will not continue its Formula One campaign after the end of the 2009 season," the Formula One team said in a statement.
The decision is a result "of the new strategic direction of our business", said BMW chairman and CEO Norbert Reithofer.
"Resources freed up as a result are to be dedicated to the development of new drive technologies and projects in the field of sustainability," the statement said.
"BMW will continue to be actively involved in other motor sports series."
BMW drivers Nick Heidfeld and Robert Kubica have just eight points between them this season to leave their team last in the constructors’ championship.