Toyota will pull out of Formula One at the end of this year, after confirming the news at a press conference in Japan this morning. The news further adds to the list of blue-chip companies that have departed from Formula One in the past year, including Honda, BMW and many major sponsors. Japanese tyre manufacturer Bridgestone has also announced it will leave the sport after 2010.
In a press statement, Toyota said Formula One did not meet with its midterm vision for motorsports activities given the harsh economic climate that the company faces, despite only recently having committed to Formula One until 2012 by signing the renewed Concorde Agreement.
“Toyota Motor Corporation (TMC), 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,” read Toyota's statement.
“However, when considering TMC's motor-sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1.”
Toyota's 8-year Formula One effort has yielded a meagre 13 podium finishes in 140 races and a total of 278.5 points scored, despite the team having a top-end budget at its disposal, similar to those available to championship-winning sides such as Ferrari and McLaren.
Toyota hopes to help its 700-odd employees at its Cologne base in any way they can, although the decision to withdraw could have career-ending ramifications for its test and reserve driver Kamui Kobayashi, who had been tipped to secure a race seat for the team next year.
“TMC wants to express its heartfelt gratitude to all Panasonic Toyota Racing drivers to date and to all Toyota Motorsport GmbH employees who have helped make the team's achievements possible,” continued the statement. “TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause.”
Toyota says it now plans to draw on its F1 experience to build a new Lexus supercar, while also support motorsport at a grassroots level where ease of access is far greater.
“Drawing on its experience in F1 and other motor sports, TMC intends to move forward in developing exciting production vehicles, such as the Lexus "LFA" supercar and compact rear-wheel-drive sports cars. In motor sports, it will not only race in various categories, but will also actively contribute to further development of motor sports by supporting grassroots races and planning events in which it is easy for people to participate.”