Toyota Motor to pull out as host of Formula One race to save cost

Tokyo - Toyota Motor Corporation's Fuji International Speedway Co has decided not to host the Japanese Formula One Grand Prix race to save on costs, Japanese media reports said Wednesday. Toyota still plans to run the race at its circuit in central Shizuoka prefecture, but the pullout as a host was necessary to recover the net loss the company expected during the current fiscal year that began in April, Kyodo News Agency quoted sources familiar with the issue. The leading Japanese automaker expected its annual net loss to widen to up to 550 billion yen in the 2009 business year. Fuji International Speedway was expected to officially announce the plan by the end of this month. Fuji International Speedway and Honda Motor Company's Suzuka Circuit in western Mie Pprefecture had agreed to alternately host the annual F1 Japanese Grand Prix. Suzuka Circuit is set to host this year's race in October. But after Toyota's withdrawal, Suzuka Circuit may sponsor the race every year, the sources said.

And Also

The Decade: Film's 10 Best Music Moments In The Aughts

The Decade: Film's 10 Best Music Moments In The Aughts - Cinema Blend
GASP: Goldstriker creates world's most expensive iPhone - The Tech Herald
Such Great Heights: Did You Know They Were That Tall (or Short)? - PopEater
Chris Rock interview, Sons of Anarchy and Woody Allen shout out for 'Madagascar' star

Your Talkback on this Story

Latest Headlines in Asia-Pacific

Older Talkback

page: 1

GeezerjockJul 1st, 2009 - 18:12:45

Max and Bernie have destroyed the traditions of F1 and deserve to continue losing the respect of the sporting community.

Good for Toyota. My guess is that Honda may follow suit.

Report this comment

page: 1

Asia-Pacific

Asia-Pacific News

Toyota Motor to pull out as host of Formula One race to save cost

And Also

Your Talkback on this Story

Similar articles

Latest Headlines in Asia-Pacific

Older Talkback

From Sites we Like

In Monsters and Critics

Corporate

The Fine Print