Toyota has confirmed that they are to leave Formula One immediately
The Japanese car maker, with ts team based in Germany, entered Formula One in 2002, but in eight seasons and 139 starts, has yet to win a race.
Toyota has forecast a multi-billion yen loss for the current financial year.
Fellow Japanese auto maker Honda pulled out of F1 at the end of last year, and the Japanese tyre supplier Bridgestone will leave the sport at the end of its contract in 2010.
“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,” read a statement.
“However, when considering TMC's motorsports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1.
“TMC also 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. TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause.”