HWA RACELAB has confirmed that it will depart the FIA Formula 2 Championship at the end of the current season.
Earlier this week, it was confirmed that the team would not return to Formula 3 next year, with Van Amersfoort Racing signing to race on the grid for the next three seasons.
Now, HWA has announced that it will also cease its racing activities in F2 as part of new business plans, but asserts that it will remain involved in other racing projects.
“After three eventful years, the HWA RACELAB team will withdraw from both FIA Formula 3 and FIA Formula 2 at the end of the season and will forego future activities in these two series,” the team said in a statement sent to MotorsportWeek.com.
“HWA AG came to this decision in the wake of the current business planning and the resource allocation required to pursue this strategy.
“Motorsport will continue to play a very central role at HWA AG. In the future, HWA AG, as a service provider and development partner for customers including Mercedes-AMG Customer Racing, will focus on GT and endurance racing.
“The company will also be involved in other projects, in which it will drive innovation and generate ideas.
“The HWA RACELAB team would like to thank all its partners and supporters for the cooperation over the past few years, as well as all those involved in the teams and racing series. We have gained a lot of experience, which we will use in future projects together.”
HWA joined the F2 grid in 2020, replacing Arden International one year after it formed a technical partnership with the British-based team.
It ended the season 10th in the Teams’ standings, and currently sits 11th in the 2021 championship with two rounds remaining.