Financial troubles force Mitsubishi to withdraw

Mitsubishi will no longer compete in the Dakar Rally for financial reasons, the company announced Wednesday. The announcement came as Japan's fourth-largest automaker said its group net loss will amount to $670 million for the fiscal year through March 2009.

"The sudden deterioration of the global economy made it necessary for the company to focus its resources more tightly," Mitsubishi Motors said in a statement.

In its 26 entries in the Dakar Rally, Mitsubishi Pajeros won the rally a total of 12 times, including seven consecutive victories from 2001-2007.