Over the eight-year span of its Formula One foray, the Toyota F1 team reached the podium 13 times and scored 87 points. The team's objective this year was to take a much-needed maiden victory, but the expectations brought about by early podium finishes failed to deliver and consequently, the Japanese carmaker announced its decision to leave Formula One with immediate effect.

However, looking back at their early beginnings in the pinnacle of motorsport, the team's debut had been promising.

The 2002 driver line-up consisted of Allan McNish and Mika Salo; points were scored when sixth place was reached in the first and third races that year (Australia and Brazil), but the rest of the season fell flat as the team worked on the car's reliability.

The driver pairing changed altogether in 2003 when Olivier Panis and Cristiano da Matta were signed; 16 points were recorded that year, with fifth place being the best result while the team continued to gain F1 experience.

The Toyota duo remained the same in 2004 but two thirds into the season da Matta was replaced by reserve driver Ricardo Zonta, who was subsequently replaced by Jarno Trulli when the Italian fell out with the Renault team. Panis announced his retirement and gave his seat to Zonta for the final race of the season. Toyota equalled its best race result of fifth place but scored less points over the season. Mike Gascoyne was hired as Technical Director and began working on the next Toyota racer.

The 2005 season began strongly with Jarno Trulli and Ralf Schumacher at the controls. Trulli reached second place twice early in the year, but podium results mostly faded afterwards until the closing stages of the season. However, the team managed to take points at every race except the opening round and the disastrous United States Grand Prix (where all Michelin-shod cars retired before the race).

2006 brought mixed results for Toyota. Both drivers remained but only Schumacher stepped onto the podium - on one occasion only. Nonetheless, both cars regularly scored points and the team missed a top five position in the constructors' championship by a single point. However, a falling out between Technical Director Mike Gascoyne and team boss John Howett would result in Gascoyne's dismissal despite his important contribution to the team's performances over the previous seasons.

By 2007 the pressure was mounting on the team to secure a maiden victory, especially when considering the tremendous amounts of money being poured into the operation. However the 2007 championship was a difficult one, with points scores scattered across the season and the car proving to be less competitive than was expected, in addition to the team's occasional strategic errors. Ralf Schumacher's performances had also been in the spotlight and the German announced his departure from the team once the season came to an end; Trulli stayed aboard.

GP2 champion Timo Glock joined the veteran Trulli in 2008. Technical Director Pascal Vasselon's team of engineers delivered a competitive TF108 and results improved with several top five finishes. Trulli brought the Toyota colours back onto a podium for the first time since the 2006 season when he took third place in France, while Glock claimed the second step of the podium later on in Hungary.

Both drivers led the Canadian Grand Prix at one point, but the much sought-after maiden victory again proved elusive over the course of the championship. It was a good season nonetheless as Toyota more than quadrupled their points score of the previous year and finished fifth in the constructors' standings.

Glock drew much attention at the season-ending cliffhanger in Brazil: as he struggled in the rain on dry tyres, the German was involuntarily instrumental in deciding the 2008 crown when Lewis Hamilton caught up and passed him in the final corner of the final lap, thereby snatching the drivers' title from Felipe Massa by a single point in what became one of the sports' most dramatic finales.

For the 2009 season the orders were very clear: Toyota must build on its momentum and take advantage of the sweeping changes brought to the technical regulations in order to record its maiden victory - or face the possibility of seeing its programme terminated.

The season began very strongly and hopes were high as Trulli recorded podium finishes in Australia and Bahrain (in addition to claiming pole position in Bahrain as well). Unfortunately a lull took hold for most of the summer, but two second-place podium results in Singapore (Glock) and Japan (Trulli) in the final quarter of the season gave hopes of better days to come as the number of remaining races – and opportunities for victory – diminished.

Reserve driver Kamui Kobayashi took over the injured Glock's race seat and impressed in Brazil and Abu Dhabi, but it was already too little too late for the team. Failing the victory which might have turned things around in the minds of upper management in Tokyo, the 2009 season was Toyota's final presence in the Formula One World Championship.

The signs pointing at Toyota's intentions were increasingly clear over the last few months. The company had announced it would decide upon its 2010 F1 budget in mid-November, after the season had concluded, thereby breaking with tradition.

Trulli's contract negotiations stalled when the team informed him nothing could be done before the budget was set, while Glock was told he could look for other opportunities if he so wished. Despite the strongest driver market in years, no serious rumours were linking potential candidates to Toyota.

This week various press reports indicated that Toyota was preparing to make an announcement regarding its Formula One future this Sunday - usually an unmistakable sign that a major carmaker is about to leave the sport, especially in the current economic climate.

On Wednesday – a few days earlier than expected but only three days after the season-concluding race in Abu Dhabi - Toyota Motor Corporation (TMC) decided to make things clear and announced its immediate retirement from the pinnacle of motorsport, thereby putting an end to an eight-year adventure.

"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," the statement confirmed.

The Japanese manufacturer indicated that it considers its F1 foray as "an irreplaceable experience that provided an opportunity to develop both human resources and its R&D operations.

"TMC expresses its deepest appreciation to its F1 fans and others for their warm support. 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."