Nov 4, 2009, 17:32 GMT
Tokyo - Toyota announced Wednesday it is to quit Formula One racing after seven years in the sport owing to the harsh economic realities affecting the Japanese carmaker.
'Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA Formula One World Championship at the end of the 2009 season,' the company said a statement.
'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.
However, when considering TMCs motor-sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1,' they said.
The sports' governing body FIA said later Wednesday in a statement that they were concerned at Toyota's withdrawal.
'Toyotas decision comes just weeks after its F1 team signed the new Concorde Agreement until 2012.
'Urgent clarification is now being sought from the Toyota F1 team as to its legal position in relation to the championship. This will have a direct bearing on the admission of any future 13th entry.
'The FIA has repeatedly warned that motor sport cannot outpace the world economic crisis. That is why the competing teams have been asked to cut costs and the entry of independent teams has been encouraged.'
FIA said that the withdrawal shows how important their original cost-reduction measures were.
Toyota is expected to report losses for the second consecutive year, due to collapsing sales in the United States and European markets.
Toyota revealed its worst set of figures for the financial year to March 2009, with further losses expected when it posts its results to September 2009 on Thursday.
Toyota's withdrawal was effective as of the end of the 2009 season, the company said at a press conference in Tokyo. The 2009 season ended on Sunday.
In a statement, Toyota thanked all Panasonic Toyota Racing drivers and employees of its racing team. The company would try its best to find a solution for all involved parties.
Toyota entered F1 in 2002, but failed to register a single victory in any of the 139 races it entered but was fifth in the 2009 constructors' championship, with drivers Jarno Trulli and Adrian Sutil finishing eighth and tenth respectively in the drivers' championships.
The company's withdrawal follows the departure of Honda at the end of last season, meaning there is now now no Japanese carmaker involved in F1.
One Monday, Japanese tyre maker Bridgestone also announced its intention to quit F1 racing when its current contract expires at the end of next season.
In July, Toyota-owned Fuji International Speedway said it would stop hosting the Japanese Grand Prix from 2010 onwards.
The news was greeted with sadness by some of motorsport's top personalities.
'We regret this decision,' said Mercedes motorsport boss Norbert Haug.
However, Toyota's decision could be good news for Sauber, whose takeover by the Swiss-based Qadbak Investments following BMW's withdrawal from the sport is dependent on a guaranteed place on next year's starting grid.
'We will now discuss with the FIA what consequences this will have for the BMW-Sauber F1 team,' BMW motorsport director Mario Theissen told German Press Agency dpa Wednesday.
Motorsport's ruling body is planning for a total of 13 teams next season. Sauber currently occupy 14th place for next season, meaning they are first reserve to take up any vacancy.
Meanwhile, the Formula One Teams' Association (FOTA) said they were sorry to see Toyota leave the sport.
'The Formula One Teams' Association today expressed sadness at the unexpected decision by Toyota to withdraw. All the FOTA teams send sincere messages of goodwill to all at Toyota - staff, drivers and sponsors and thank them for the positive contribution they have made to Formula 1 in recent years.' FOTA said in a statement.
'We hope very much that Toyota will return in the not too distant future, but in the meantime every effort must be made by the sport's management to ensure that the 2010 season is as successful as we all hope.'
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