BMW withdrawing from Formula 1 racing

MUNICH, Germany, July 29 (UPI) -- BMW said at a Wednesday news conference in Munich it is ending its involvement on the Formula One auto racing circuit at the end of the 2009 season.

The German automobile, motorcycle and engine manufacturing company has sponsored the BMW Sauber team since 2006 after replacing the Swiss Sauber team, but officials said the company wants to dedicate more resources to developing new, sustainable road car technologies.

"Of course, this was a difficult decision for us," said Dr. Norbert Reithofer, the chairman of the BMW board. "(But) it's a resolute step in view of our company's strategic realignment.

"We, (and the BMW) employees would all have liked to continue this ambitious campaign and show that this season was just a hiccup following three successful years. But I can understand why this decision was made from a corporate perspective."

BMW Sauber drivers are Nick Heidfeld of Germany and Poland's Robert Kubica.