Ford Australia has confirmed it will end its financial support for V8 Supercars from the end of next year.
In an official statement published by Speedcafe.com, Ford said the decision follows a change in the company’s focus, choosing not renew its sponsorships and turning its attention to its products and consumer experience.
“Ford is transforming our entire business – from our product lineup to the consumer experience – with major investments that meant we had to make difficult decisions such as not renewing our V8 Supercars teams’ sponsorships after the 2015 season.
“Performance is part of our DNA, and will continue to be, as we increase our vehicle offerings and enthusiasts look for a wider range performance models such as smaller cars like Mustang, Fiesta ST and Focus ST.”
Prodrive Racing Australia (PRA), the team that has operated as the Ford racing team since 2003, says it is a disappointing decision considering it was a very viable business which produced strong performances on the track.
It’s “extremely disappointing for our large and loyal fan base, but as a business this decision now allows us to concentrate on our long-term future”, PRA chief executive Tim Edwards said.
The PRA Ford team has had 50 race wins with Ford, 150 podiums and holds the last two Bathurst 1000 crowns.
This weekend’s Sydney 500 at Sydney Olympic Park marks the end of the racing season.
Ford has confirmed that six Falcons will still line up on the grid in 2015.
The withdrawal from the Supercars competitions follows the Ford’s plans to close its manufacturing plants in Melbourne and Geelong by October 2016, due to high costs, tough workplace conditions and falling demand. Read more about that here.
Read the full statement from PRA here.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.