The BMW Group will not continue its Formula One campaign after the end of the 2009 season, ending a decade in the high-cost, high-profile sport.

It will use the money it saves to develop new green technologies and projects.

The German manufacturer said it will continue to be actively involved in other motor sports.

“Of course, this was a difficult decision for us. But it’s a resolute step in view of our company's strategic realignment," explained Dr Norbert Reithofer, Chairman of the Board of Management of BMW AG.

“Premium will increasingly be defined in terms of sustainability and environmental compatibility.

"This is an area in which we want to remain in the lead."

BMW would not comment on how many jobs will go as a result.

“Since we only made this decision yesterday, we cannot provide any more precise information."