Toyota quits F1

Japanese giant Toyota has revealed it will quit Formula One with immediate effect. Bosses at the company made the shock announcement this morning at the firm’s Tokyo headquarters.

The news comes shortly after Toyota registered the first financial loss in its 70-year history. It also comes on the back of a similar announcements by F1 tyre supplier Bridgestone and BMW, while fellow Japanese squad Honda quit at the end of 2008.

Speaking at a surprise press conference Toyota's board of directors explained that current economic conditions played a part in the decision. “When considering current severe economic realities Toyota Motor Company (TMC) has decided to withdraw from F1,” explained a spokesman. TMC wants to express its heartfelt gratitude to all Panasonic Toyota Racing drivers and all Toyota Motorsport GmbH employees who have helped make the team’s achievements possible. The company intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause.”

The Japanese squad made its debut at the top-level in 2002, with Mika Salo and Allan McNish named as drivers. With one of the biggest budgets on the grid, bosses were confident the outfit would soon be fighting for wins and world champions. However, in the last eight years the team has only managed to notch up three fastest laps, 13 podiums and 278.5 points.

Despite the wholesale withdrawal from Formula One, Toyota has confirmed it will continue to support both lower racing formulae and its young driver development programme, which has supported current grand prix stars Kazuki Nakajima and Kamui Kobayashi.