Toyota boss apologises for leaving F1
Toyota entered F1 in 2002 and has failed to reach its goals
Wednesday, 04, Nov 2009 09:50
By Adam Leveridge
Toyota have apologised to their fans for the team's lack of results and for leaving formula one.
The Japanese car manufacturer announced it would be following in the footsteps of Honda and BMW by withdrawing from the sport in a press conference on Wednesday.
Toyota boss Akio Toyoda told a news conference that the economic downturn was to blame for the decision, expressing regret that the team had not reached its goals before departing from the sport.
"This was a difficult but ultimately unavoidable decision," Toyoda was quoted as saying by Reuters.
"Since last year with the worsening economic climate, we have been struggling with the question of whether to continue in F1.
"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 team entered F1 in 2002 but has failed to secure their first win in the sport, with their best overall result being a fourth place in the constructors' championship, despite having access to large budgets and resources.