Sport - Motor racing
Toyota pulls out of Formula One
Article published on the 2009-11-04 Latest update 2009-12-16 12:17 TU
A dejected Akio Toyoda delivers the news of Toyota’s withdrawal
(Photo: Reuters/Issei Kato)
Toyota said its decision to quit after this year's season, which ended Sunday in Abu Dhabi, reflected "the current severe economic realities."
The announcement comes just days after tyre supplier Bridgestone announced they would not be looking to renew their F1 contract when it expires in 2010.
Two other major manufacturers, Honda, also from Japan, and Germany’s BMW, have also quit F1 in the last year because of the economic crisis.
"It was a tough decision because we are betraying the expectations of fans," Akio Toyoda, a racing enthusiast and grandson of the automaker's founder, told a news conference.
"I apologise to our fans from the bottom of my heart. I made the decision myself."
He also ruled out supplying engines to other teams, saying: "In terms of Formula One, we will make a complete withdrawal."
The Williams team had already decided to stop taking its engines from Toyota next season, preferring British company Cosworth
The company said no decision had been made on whether to sell or disband the team, which has not won a Grand Prix since its 2002 debut on the F1 circuit and finished this season ranked fifth in the constructors’ championship.
Formula One/World financial crisis
