You might know that Honda has now forfeited in F1 Racing and canceled out the new Honda Nsx models. The current bad news is that Honda is canceling its plans for the next two years as it attempts to deal with the rapid collapse in new car sales across the world. Amongst the development that has been subjected to the above matter is the development of rear wheel drive cars under the Acura Brand, a proposed V8 engine which is the successor to the Honda S2000 and convertible based Honda CR-Z coupe. The luxury models which is in development under Acura has also been canceled.

Honda is now concentrating on building more hybrids and a new small city car. It aims to build 500,000 hybrids by 2012, including the new Honda Insight and the world’s first hybrid supermini, a petrol-electric Honda Jazz due next year.

[Source: AutoCar UK]