Toyota Follows The Trend In Quitting F1

Following in the footsteps of Honda and BMW, Toyota has dealt F1 another body blow by confirming it is pulling out of the sport with immediate effect after posting its worst ever annual financial results.

The world’s largest car manufacturer stated it was leaving the sport to concentrate on its core business and to cut costs.

Toyota president Akio Toyoda said the Japanese team had no option but to pull out citing ‘the current severe economic realities’ affecting the world.

Toyota did not win a race after making its F1 debut in 2002 but was fifth in the 2009 constructors’ championship.

The company revealed its worst set of figures for the financial year to March 2009, and is expecting further losses to continue when it posts its results to September 2009 later this week.

Toyota’s withdrawal leaves the sport with no Japanese team after Honda left F1 at the start of the 2009 season although the grid has been expanded to 13 teams for next year with three new outfits joining the sport.

Toyota’s demise could pave the way for Sauber to return, after Swiss-based Qadbak Investments stepped in in September following BMW’s withdrawal from the BMW Sauber team.

At the time, the FIA gave Sauber ’14th place’ for next season, meaning they were first reserve to fill any vacancy.

Williams also announced last month that it would be replacing its Toyota engine with a Cosworth for next season.

Toyota had already pulled out of hosting the Japanese Grand Prix at its Fuji Speedway circuit from next year.