TOKYO — The world's leading automaker, Toyota, confirmed today that it has decided to terminate its participation in Formula 1 racing.
It is the third manufacturer to withdraw from F1 since Honda abruptly quit the sport in December 2008. BMW announced July 29 it would not continue its program next season. Toyota's exit leaves the sport with only three participating manufacturers: Ferrari and Renault, which have works teams, and Mercedes-Benz, a partner with McLaren.
Toyota's nine-year endeavor failed to produce a single winning effort in 140 Grands Prix, and observers had speculated in recent years that the Japanese company might abandon its program. The rumors intensified this year, and some speculation continued even after Toyota signed the new Concorde agreement in August committing it to compete through 2012.
"Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA Formula One World Championship at the end of the 2009 season," a statement released by the company read.
Toyota Motor Corporation President Akio Toyoda, grandson of the company founder, read the statement at a press conference. Global economic developments were cited as the reason for the withdrawal. Early this year, Toyota reported the company's first financial loss in 70 years, and more bad news is expected this week.
Toyota's drivers this year were Jarno Trulli and Timo Glock, with Japanese driver Kamui Kobayashi replacing the injured Glock for the last two rounds. Kobayashi impressed team principal John Howett and was thought to be in line for a full-time drive next year.
BMW, which acquired privateer Peter Sauber's team at the end of the 2005 season, had served as an engine supplier beginning in 1980 with Brabham. Honda ended its most recent fling in F1 after taking over the BAR team for which it supplied engines in 2000.
Inside Line says: No word yet about any effect on Toyota's NASCAR program, which has been much more successful than the F1 team and which is surely less costly. — David Green, Correspondent
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charlesb says:
11:32 AM, 11/05/2009
It's about time! What a boondoggle for a company that seems to abhor sporty.