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Toyota became the latest automaker to quit Formula 1 in response to the economic crisis. Toyota Motor Corp announced its withdrawal from F1 on Wednesday. The carmaker is expecting to report losses for the second consecutive year, due to collapsing sales in the US and European markets.
Toyota's withdrawal was effective as of the end of the 2009 season, the company said at a press conference in Tokyo. The 2009 season ended on Sunday.
In a statement, Toyota thanked all Panasonic Toyota Racing drivers and employees of its racing team. The company would try its best to find a solution for all involved parties.
The carmaker had made its Formula One debut in 2002, but has never celebrated a Grand Prix win. In the 2009 season its drivers Jarno Trulli and Timo Glock finished 8th and 10th respectively in the drivers' standings.
No Japanese carmaker remains in Formula One after pull out of Toyota, world’s biggest carmaker. Honda Motor Co had quit Formula One racing last December.
On Monday, Japanese tyre maker Bridgestone also announced plans to abandon F1 racing when its current contract expires by the end of the 2010 season.
