German car maker BMW announced on Wednesday that they 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 was involved in F1 in the 1980s before pulling out, returning as an engine supplier to Williams in 2000. It took over the Sauber team in 2005. Its only Formula One win was in the 2008 Canadian Grand Prix.
BMW this season have had a poor campaign with drivers Nick Heidfeld and Robert Kubica giving the team just eight points this season from ten Grand Prix to leave them eighth in the nine-team constructors' championship.
(Xinhua News Agency July 30, 2009)
