While many F1 stakeholders struggle amid the global financial crisis, it seems the energy drinks company Red Bull remains in good financial health.

While many F1 stakeholders struggle amid the global financial crisis, it seems the energy drinks company Red Bull remains in good financial health.

The Austrian company, owner of two formula one teams, revealed this week it sold more cans of the drink in 2008 than ever before and is planning to expand into more new markets this year.

Sales growth, however, slowed from nearly 17 per cent the year before to just under 8 per cent in 2008, and Dietrich Mateschitz told Austria's Salzburger Nachrichten that revenue will further slow to just 3-5 per cent in 2009.

The comparative health of the company, however, means there is "no pressure" on Red Bull to fast-track the sale of its junior team Toro Rosso, Mateschitz insisted, and he also welcomed the latest moves to cut costs within the sport.

"For both teams we can save 100 million euros," Mateschitz told the newspaper.

Elsewhere this week, bad news emanated from Panasonic, the Japanese electronics giant, despite the recent renewal of its title sponsorship with Toyota.

Panasonic projects multi-billion euro loss for the latest twelve month accounts, and the need to cut 15,000 jobs and close 27 factories around the world.

Following Honda's F1 withdrawal, meanwhile, yet another Japanese manufacturer this week has cited the economic crisis for deciding to pull out of motor racing.

Mitsubishi said it is withdrawing from cross country rallying, including the famous Dakar Rally, because of the need to focus "resources more tightly".

 

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