Wednesday, November 4, 2009

Toyota pulls out of Formula 1

Toyota Motor Corp. announced today its Formula One exit, which means that this will leave Japan without a team in motorsport’s premier series. For those who don’t know, Toyota joined the F1 Championship back in 2002 and despite an estimated annual budget of around $300 million it recorded just a single race victory.

“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.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.” said Toyota’s President Akio Toyoda. According to our sources, Toyota’s decision to pull out of the F1 Championship comes the auto industry starts to stabilize following a sales crunch.