Toyota withdraws from F1
Toyota began its assault on F1 in 2002, but has failed to secure a win
Wednesday, 04, Nov 2009 04:01
By Adam Leveridge
Toyota has announced its intention to pull out of formula one with immediate effect.
The Japanese car manufacturer announced its decision to pull out of the sport at a press conference on Wednesday and blamed the current economic climate for its withdrawl.
"Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA formula one world championship at the end of the 2009 season," said a Toyota statement.
"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 motorsports actitives next year and beyond from a comprehensive mid-term viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1."
Dounts were raied over Toyota's future in F1 when the firm reported its first operating loss in March.
This comes after the shock departures of BMW and Honda, and after the Japanese car firm pulled the Fuji circuit from the F1 calendar and brought its customer engine deal with Williams to an end a year early.
However, Toyota signed the new Concorde Agreement - committing it to the world championship through 2012 with team principal John Howett expressing his confidence earlier this year that the Cologne-based squad would line up on the grid in 2010.
But Toyota's statement continued: "TMC also wants to express its heartfelt gratitude to all Panasonic Toyota Racing drivers to date and to all Toyota Motorsport GmbH employees who have helped make the team's achievements possible.
"TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause.
"In motorsports, Toyota will not only race in various categories, but will also actively contribute to further development of motorsports by supporting grassroots races and planning events in which it is easy for people to participate."
Toyota entered F1 in 2002 but, with its big budgets and resources, the team failed to win a race and has a best result of fourth in the 2005 constructors' standings.
The company's departure leaves the door open for the new Qadbak/BMW Sauber team to enter F1, after it lost the 13th slot on the grid to the new Malaysian-backed Lotus team.
Renault are also holding an extraordinary meeting to discuss their future in the sport today, although they are expected to remain in the sport, having expressed their commitment after the race-fixing scandal earlier this year.