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Toyota quits F1 after seven years
LONDON - Toyota is to disband its Formula 1 team because of "severe" economic conditions, saying it needs to focus on its core business.
It is the third major car manufacturer to quit the sport in 12 months, joining Honda and BMW, which said that Formula 1 did not fit in with its environmentally sustainable branding.
Tyre maker Bridgestone has also said it will not renew its Formula 1 sponsorship deal after it ends in 2010.
Toyota has been involved with Formula 1 since 2002. This year it finished in fifth place in the constructors' championship but has never won a Grand Prix.
In a statement issued by the company this morning, it said: "Toyota Motor Corporation, 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.
"However, when considering Toyota Motor Corporation's motor-sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, Toyota decided to withdraw from F1."
Separately, US car giant General Motors has said it is dropping plans to sell its European operations, including Vauxhall, because of improving economic conditions. Instead it will restructure Opel, the German-based manufacturer, and apply for subsidies from the European Union.
Fritz Henderson, president and CEO of General Motors, said: "GM will soon present its restructuring plan to Germany and other governments and hopes for its favourable consideration."
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