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Toyota quit Formula One


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Toyota have confirmed they are to follow BMW and Honda in pulling out of Formula One.

The Toyota Motor Company made an official announcement on Wednesday, having come to the decision at an extraordinary meeting on Tuesday.

And Toyota president Akio Toyoda admitted the company wanted to focus on its core business following a bad set of financial results.

"Based on the current economic environment, we realise we have no choice but to withdraw from Formula One," Toyoda said at a news conference.

"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."

Toyota, though, are believed to be looking at a buyer for the Cologne-based F1 team.

Although Toyota have failed to win a race in 139 attempts since their debut in 2002, they have picked up three pole positions and a number of podium finishes.

The 2009 line-up of Jarno Trulli, Timo Glock and Kamui Kobayashi finished the season up in fifth in the Constructors' Championship - however it has not been enough to convince Toyota to stay in the sport.

Toyota were the remaining Japanese automaker competing in F1 following Honda's decision ahead of the 2009 season to withdraw.


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