Toyota quits Formula One

Operating losses lead to withdrawal

Last updated: 6th November 2009   Subscribe to RSS Feed

Toyota quits Formula One

Emotional: Yamashina

Based on the current economic environment, we realise we have no choice but to withdraw from Formula One

Akio Toyoda
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Toyota has confirmed it is to follow BMW and Honda in pulling out of Formula One.

The Toyota Motor Company made an official announcement on Wednesday, having come to the decision at an extraordinary meeting on Tuesday.

Company president Akio Toyoda admitted the company wanted to focus on its core business having recorded its worst ever financial loss earlier in the year.

"Based on the current economic environment, we realise we have no choice but to withdraw from Formula One," Toyoda said at an emotional news conference.

"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 in F1.

Apologies

"We are 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."

Toyota, though, is believed to be looking at a buyer for the Cologne-based team.

Despite an annual budget estimated in the region of $300 million, Toyota F1 have failed to win a race in 139 attempts since their debut in 2002.

In that time they have achieved 13 podium finishes and also picked up three pole positions.

The 2009 line-up of Jarno Trulli, Timo Glock and Kamui Kobayashi finished the season fifth in the Constructors' Championship.

Sitting alongside Toyoda at the news conference was team principal Tadashi Yamashina, who said they would try and continue to support Kobayashi and Kazuki Nakajima.

Both drivers have reached Formula One having been backed by Toyota's Driver Development Programme.

"If possible, I will let Nakajima and Kobayashi race in other teams as the two have reached such high levels," Yamashina said, wiping tears from his eyes.

The decision is particularly hard on Kobayashi, who has caught the eye during the last two races of the season and finished sixth in the Abu Dhabi Grand Prix.

After the race, Toyota Motosport boss John Howett said he was "70 to 80 per cent certain" of being handed a race seat next year.

Exodus

Toyota were the remaining Japanese automaker competing in Formula One following Honda's decision ahead of the 2009 season to withdraw.

It also continues the exodus of Japanese companies from motorsport, with Subaru and Suzuki withdrawing from the World Rally Championship and Kawasaki scrapping its MotoGP team.

Japanese tyremaker Bridgestone announced on Monday it would not renew its supply contract with Formula One after the 2010 season.

In July, Toyota's Fuji International Speedway circuit surrendered hosting rights for the Japanese Grand Prix in 2010 and beyond to reduce costs.

Toyota's exit leaves just three manufacturers in Formula One - Ferrari (FIAT), Mercedes and Renault.

However, it also opens the door for BMW Sauber's new Swiss owners to take their place as the 13th team on the grid.

Furthermore, Toyota signed the Concorde Agreement earlier this year committing itself to F1 until at least 2012, so the news could also lead to financial penalties.

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Comments (7)

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Mark Wallace says...

this was inevitable, every manufacturer has been looking for a way out for a long time. since the day tobacco advertising got banned, F1 has been on the decline. One strict rule after another forced companies to spend more and more money on developing the parts that were legal. It is just not profitable for a manufacturer anymore to take part in this one great sport. Well done to decision makers at the top...you have managed to kill F1.

Posted 23:37 4th November 2009

Steven Albery says...

The agreement was for the teams to stay in formula one and not to branch into thier own series. Its a big shame for the sport and also for a young driver in Kobayashi, who should find a drive for next year, lets just hope the 3 new teams do manage to get cars on the grid! And also a British GP at silverstone!

Posted 18:35 4th November 2009

Mark Pashley says...

I thought all of the existing F1 teams had signed an agreement to stay in the sport?

Posted 15:37 4th November 2009

Craig Duncan says...

Yo, this is bad. I'm not happy with this. It's bad for the sport. I feel for japan as they all have left. I hope manufacturers come in, maybe peugeot again ( I know they sold stuff to Asiatech etc.) and even Mechachrome (old Reno things) and also even Mitsubishi / Ford. They had good program.

Posted 14:05 4th November 2009

Bob Gillies says...

Very, very sad! I feel extremely sorry for the team, it's staff and the familys affected by this decision so close to Christmas. The decision must of been in the pipeline before the end of the season. However, despite the current downturn, I think Toyota should of pulled out of the sport after 5 years. It's clear unfortunately they were going nowhere in the sport.

Posted 11:51 4th November 2009

Christine Knott says...

i think this Japanese manufacturer shoul focus on making some good looking cars like the Supra and or the MR2 from before they started to make boring cars like the Prius! Their money would be well spent in developing a good looking car instead of F1 racing!

Posted 11:44 4th November 2009

Roy Jessep says...

Was very,very sad to hear the news about Toyota.So another one bites the dust !! With all their money they still decided to pull out. Poor Jarno.Think he was a very good driver.Hope he gets a drive for next year,as well as my Kimi Raikkonen. Kimi is TOO good not to be given a drive.Hope Mclaren sign him up.On his day,he is one of the fastest drivers going !!!

Posted 10:40 4th November 2009
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