Toyota confirm withdrawal from F1
The world’s biggest car manufacturer has today confirmed that they will no longer take part in Formula 1 as of immediate effect due to financial reasons. The move comes just 11 months after both Honda and BMW withdrew their teams for the same reasons.
The Japanese car company seem to have been badly affected by the global financial crisis; Subaru, Suzuki and Kawasaki have all pulled out of their respective motorsports this year and also Bridgestone have announced they will no longer be providing tyres for the F1 cars after next season.
A statement from Toyota said "Toyota Motor Corporation (TMC) which had viewed its participation in F1 as contributing to the prosperity of automotive culture, remained dedicated to competing at the pinnacle of motor sports, even in the face of the abrupt economic changes that started last year.”
The news sees three drivers; Jarno Trulli, Timo Glock and Kamui Kobayashi in the same position as Jenson Button found himself in last year when Honda pulled out of F1 and only three manufacturers remain in Formula 1 – Ferrari, Mercedes and Renault.