Toyota today confirmed they are pulling out of Formula One with immediate effect for financial reasons.
The announcement was made at a media conference in Tokyo by a tearful Toyota Motor Corporation president Akio Toyoda.
The world’s largest car maker is now the third major manufacturer to withdraw from F1 in the space of 11 months after Honda and BMW.
Toyota’s departure continues the exodus of Japanese companies from motor sport as Subaru and Suzuki withdrew from the World Rally Championship prior to this season.
A statement read: “Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA Formula One World Championship at the end of the 2009 season.”
“TMC, which had viewed its participation in F1 as contributing to the prosperity of automotive culture, remained dedicated to competing at the pinnacle of motor sports, even in the face of the abrupt economic changes that started last year.”
“However, when considering TMC’s motor-sports activities next year and beyond from a comprehensive mid-term viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1.”
“TMC leaves F1 having compiled 13 podium and 87 point finishes over eight challenging seasons since 2002 with Panasonic Toyota Racing, a full-constructor team.”
“It views its time in F1 - in which teams put forth their best efforts to fiercely compete at racing’s highest level - as an irreplaceable experience that provided an opportunity to develop both human resources and its R&D operations. Daily Mail
“We are pulling out of Formula One completely. I offer my deepest apologies to Toyota’s many fans for not being able to achieve the results we had targeted.”
The decision by the world’s largest carmaker to pull out of Formula One comes as the auto industry starts to stabilise following a sales crunch in the wake of the financial crisis.
Cologne-based Toyota’s departure as a team and engine supplier deals another major blow to the sport after Japan’s number two carmaker Honda quit the series last December.
Japanese tyremaker Bridgestone announced on Monday they would not renew their supply contract with Formula One after the 2010 season.
In July, Toyota’s Fuji International Speedway circuit surrendered hosting rights for the Japanese Grand Prix in 2010 and beyond to reduce costs amid the global economic downturn.
Toyota’s exit leaves just three manufacturers in Formula One - Ferrari, Mercedes and Renault.
It also opens the door for BMW-Sauber’s new Swiss owners to take their place as the 13th team on the grid. Yahoo! Eurosport
