Toyota quits Formula One

**Monseratto** · November 4th, 2009 11:04 AM

Following the footsteps of Japanese firms Honda, Subaru, Suzuki and Bridgestone including German Automaker BMW in quiting motorsports...Sayang pa naman si Kobayashi after a head-turning debut.

Nov. 4 (Bloomberg) -- Toyota Motor Corp. will today announce its withdrawal from Formula One racing after this year’s championship series, the Mainichi newspaper reported, without saying where it obtained the information.

Toyota, the only Japanese automaker participating in the race this year, is seeking to cut costs as it expects to post an operating loss for the six months ended Sept. 30. The race costs the company tens of billion yen a year, the report said.

**arnoldc** · November 4th, 2009 05:34 PM

I strongly believe the news that Ford made almost US$1 Billion in profit is a compelling reason for Toyota to pull the plug on its Formula 1 involvement. They will now focus on raising capacity.

"Toyota, the world's largest carmaker, has forecast an operating loss of 750 billion yen ($8.3 billion) on revenues of 16 trillion yen for the full year to next March. It is scheduled to report second-quarter results on Thursday." - Reuters

**tidus1203** · November 4th, 2009 05:47 PM

Other teams might want to take a look at Kobayashi, unless Kobayashi himself does not want to race for another team; other than Toyota. There are a lot of new teams next year... Pero yeah another blow to F1 we are losing manufacturers and being replaced by privateers where a disastrous season or two could easily make them fold.

**t@n0d** · November 4th, 2009 06:41 PM

Another carmaker leaving F1... After Honda, BMW ... Toyota decided to leave F1 as well... Halos private teams na lang ...
Baka maging GP2 na...

**Horsepower** · November 4th, 2009 07:26 PM

They won't be missed. hahahaha

**Monseratto** · November 4th, 2009 08:11 PM

Official na yung pag-alis ng Toyota. May legal repurcussions since they signed the new concorde agreement which commits them to stay until 2012. Also this allows the entry of the ex-BMW-Sauber team to rejoin the grid with Ferrari engines.

(CNN) -- Toyota, the largest car manufacturer in the world, has announced it is pulling out of Formula One.

In a statement on the official Formula One Web site the Japanese constructor confirmed they had decided to withdraw from the sport due to "current [and] severe economic realities."

The statement added: "Toyota leaves F1 having compiled 13 podium and 87 point finishes over eight challenging seasons since 2002.

"The experience provided an opportunity to develop both human resources and its research and development operations. Toyota expresses its deepest appreciation to its F1 fans and others for their warm support."

The withdrawal means the Sauber team, recently sold to new owners after BMW's pullout, should now be assured of a place on the entry list for next year's championship.

The president of the Japanese constructor, Akio Toyoda, told reporters the decision had been a tough one but the financial situation meant that their hands were effectively tied.

"Based on the current economic environment, we realize we have no choice but to withdraw from Formula One," Toyoda said.

"This was a difficult but ultimately unavoidable decision. Since last year with the worsening economic climate, we have been struggling with the question of whether to continue.

"We are [now] 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 news adds to the challenges facing new FIA president Jean Todt following the decision by Bridgestone -- F1's exclusive tire supplier last season -- to abandon the sport after its contract expired at the end of the 2010 season.

**locoroco777** · November 4th, 2009 11:53 PM

Hyundai na daw papalit.......

**speed unlimited** · November 5th, 2009 08:09 AM

Not a good news for Toyota fans that they leaving the Formula 1.

**CVT** · November 5th, 2009 08:12 AM

Yup, good news for the former BMW-Sauber team......

8900:painting:

**leopaul** · November 5th, 2009 11:30 AM

Here's an article I found on the Top Gear website:

The sun has set for Toyota's Formula One dreams as Toyota Motor Corp. (TMC) decided to abandon the motorsport due economic reasons.
"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," the company said in a statement issued on November 4. "However, when considering TMC's motor-sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1."

Toyota is the second carmaker to pull out of the motorsport this year, next to BMW Sauber.

Toyota hopes to cut costs by canceling its F1 program particularly since it is expected to report an operating loss in the first six months of its fiscal year.

Toyota made its F1 debut in 2002 and participated in 139 grands prix. Although the team has failed to win a race, it claimed three pole positions, three fastest laps, and 13 podium finishes in the past eight years. This season, drivers Jarno Trulli, Timo Glock and Kamui Kobayashi, Glock's substitute in the last two races, earned 54.5 points for Toyota, enough to secure the team's fifth-place finish in the constructor's championship.

Toyota's best ever season was in 2005 when it scored 88 points and landed on the fourth spot in the constructor's league.

What's happening to Toyota's motor sport heritage? They've withdrawn from the F1 but what's next?