Motorsport News - F1
Sayonara Toyota
4th November 2009
Toyota has announced its decision to pulled out of F1 after posting its worst ever financial loss and will now concentrate on its core business and on cutting costs.
The Japanese team has not won a grand prix since making its F1 debut in 2002 and finished fifth in the constructor championship this season. Williams announced last month that it would be replacing its Toyota engine with a Cosworth for next season.
This leaves the sport with no Japanese team and Japanese tyre manufacturer Bridgestone announced this week that it would not be renewing its contract to supply F1 after the 2010 season.
Toyota Statement:
"Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA Formula 1 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 motorsports actitives next year and beyond from a comprehensive mid-term viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1"
"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."
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