Toyota has confirmed it is to follow BMW and Honda in pulling out of Formula One.
Operating losses lead to withdrawal
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.
