Honda has no plans to revive its Formula 1 factory team under the new budget cap rules due to arrive after next season.

The Japanese engine manufacturer is enjoying its best season since returning to F1, winning twice with Red Bull. However asked by RaceFans whether that has encouraged it to consider re-forming its factory team, Honda managing director Masashi Yamamoto said “no, not at the moment.”

“We know that continuity in Formula 1 is very important,” he explained. “So we have done five years for power unit and somehow now reaching a good area.

“However if we start the chassis now we are going to have another struggle again which we don’t want.”

Honda previously ran a full works team between 1964 and 1968. It revived its factory team in 2006 and scored a single win that year. But Honda slumped badly in 2007 and 2008, and withdrew from the championship due to the worldwide financial crisis at the time.

Yamamoto acknowledged that remaining as an engine supplier means Honda has little influence over the future direction of the sport.

“There’s not much advantage for being a supplier in this world,” he said. “However as you can you know from our name Honda Motor, we have started with engine. So we think we are the specialists about engine so we want to be the top in the highest technology of engine world for us. That’s what we are trying.”

“Of course it’s kind of like a disadvantage being a supplier in terms of regulations,” Yamamoto added. “But we are joining the manufacturers’ meeting for power unit so we can discuss about the regulation there.

“In addition about regulation and sporting regulations, technical regulations, we can discuss with Red Bull and Toro Rosso.”

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2019 F1 season