To reform its auto business in these days of recession, Honda has announced to cancel the development of its new NSX.

With its V10 powered engine, NSX was quite well-known as a direct challenger to Porsche and Ferrari, and it could be the most powerful supercar that Honda had ever produced.

Honda’s Chief Executive Takeo Fukui told about that move in his year end address. He said that all development of the NSX had been canceled and the company also withdrew from its plan of introducing its Acura brand in Japan during 2010.

Previously, Takeo had emphasized on that supercar importance for the company and he said in his speech at the end of previous year that the NSX car was somewhat essential for the company.

The Honda boss is considering putting more focus on the ecological identification of the company. It shows that Honda to further concentrate on producing more hybrid technologies and utilized its energies for CO2 reduction.

NSX old model was quite popular among its fans and this cancellation announcement is quite disappointing for them. The old model was introduced in 2005 and it took 15 years for development.