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BMW to quit Formula One
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BMW to quit Formula OneHamburg - German carmaker BMW was set to announce Wednesday plans to quit Formula One with its BMW-Sauber racing team as of the 2010 season.

The development was to be announced at a press conference on "new developments in motorsports" in Munich, according to information obtained by the German Press Agency, confirming earlier media reports.

A spokesman of the racing team declined to comment.

The reasons for the decision were neither the high costs nor the disappointing results, but a company-internal strategy change, company sources said. The German carmaker is believed to be quitting only Formula One, and will remain active in other motorsports.

BMW took over the Swiss Sauber racing team in 2005 and debuted in the Formula One a year later. The BMW-Sauber racing team so far has celebrated only one victory, by Polish driver Robert Kubica in Montreal, Canada, in June 2008.

Before launching its own racing team, BMW developed engines for the Williams team. (dpa)

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