TOKYO (AFP) - Japan's Toyota Motor is to quit Formula One (F1) in a bid to slash costs as the company battles to cope with the fallout from the global recession, a newspaper said Wednesday.
Toyota will hold an extraordinary board meeting Wednesday to make a formal decision on the pullout, with president Akio Toyoda making the announcement at a news conference in Tokyo, the Mainichi Shimbun said, without citing its sources.
The world's biggest carmaker declined to comment on the report.
The Mainichi said the auto giant had earlier planned to continue its F1 participation until 2012 but decided to cut costs by making this year's season -- which ended Sunday in Abu Dhabi -- its last, the paper said.
Toyota would consider selling the team, it said.
Toyota entered F1 in 2002. It ended this season ranked fifth in the constructors' championship.
If the company's withdrawal is confirmed it would mean there would be no Japanese automakers in the world's premier autosport.
Toyota in July pulled out of hosting the Japanese Grand Prix at its Fuji Speedway circuit.
The report came just two days after Japanese tyre maker Bridgestone Corp. said it would end supplying tyres to the race next year.
Bridgestone's exit from Formula One is part of an exodus by Japanese automotive industry giants from the multi-million-dollar sport amid the worst industry slump in decades.
Honda earlier sold its F1 team as the carmaker battled with the effects of a slowing world economy.
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Well they never did anything any way
Will they be missed - Not Much
Hey Sun
There is another way of looking at this.
Maybe Toyota really pulled out BECAUSE they could not get Kimi?
(Just kidding)
Maybe now Sauber will take Toyota's place.... as Mad Max is expecting.
Unless John Howett want to do exactly what Brawns did... a management buyout and create a Howett GP. hahaha
I don't believe that Kimi wants to be paid million for doing nothing. One team down. The only competitive team available is Mclaren and Brawns. Between them, 2 seats are confirmed taken. 1 is likely to belong to Rosberg. Only 1 is left available. Kimi has to take this seat or move on to rallying.
Hard to bet on what the final outcome will be. I'm a Toyota fan, but with Trulli and Glock missed a couple winning opportunities and their cars being mediocre ever since the beginning, There is really no reason for them to stay. But consider this, Toyota has been great in all motor sports that they've entered, including LeMans in the 90's even they didn't win their LeMans cars were undoubtedly fastest during those years. They only failed to win due to late race accident or puncture. They are also winning races in Nascar now. And not to mention they won multiple rally championship and Indy (or maybe Champ car) series. So to quit F1 without any type of obvious success is a shame to the Japanese car maker. I'm not sure if they can live with it. At the end though, money is the main factor.
Not everybody wants to be paid millions for doing nothing.
DOH!
See what a smart man Kimi was!?!!
I cannot believe how John Howett made an offer to Kimi and they are pulling out of F1, just imagine if that had happened you know how ironclad Kimi's contracts are, just ask Ferrari!
Kimi would of been paid millions for doing nothing!!! LOL.
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