• Toyota makes it official: Auto giant is leaving Formula One

Going into the Formula One offseason, we already knew that BMW would be back for the 2010 season. What we didn’t know was that another team had plans of leaving the sport as well.

Today, Toyota confirmed earlier reports of its F1 exit after it officially announced that it would pull out of the sport effective immediately. The announcement was made by Toyota Motor Corporation Akio Toyoda at a media conference in Tokyo.

Toyota’s sudden exit from Formula One makes it the third major manufacturer to call it quits in the past year. Honda was the first to do it last December, followed by BMW this year.

According to Toyoda, the single biggest reason of Toyota’s withdrawal stemmed from the unstable economic conditions surrounding the sport – and to a greater extent – the entire auto industry.

“When considering TMC’s motor-sports activities next year and beyond from a comprehensive mid-term viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1,” Toyoda said.

It seems that car manufacturers are dropping left and right from Formula One, which then begs the question if this will be the last time we’re going to hear something like this, or if this will be a growing trend in the near future.

Photo courtesy of Toyota F1.

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Source: Mirror

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3 comments:

AK47  (1024) posted on 11.9.2009

Toyota should have quit NASCAR. Its not even a proper race. F1 on the other hand, is.

Uncia  (868) posted on 11.9.2009

It’s about time we got out. Unless you’re racing actual production cars as with the Nurburgring efforts in the IS-F and LFA, racing makes no economic sense. Toyota needs to get out of Nascar and everything else, too. It’s a waste of money.

Uncia  (17) posted on 11.9.2009

Toyota started bad season of F1 and it didn’t won races in 2009 season Honda took the lead in 2009 season Toyota was good in 1996 and Toyota had many problems even in passenger cars.

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