Official: Toyota Withdraws and Apologizes to Fans

Toyota announced its regret over its lack of success in Formula One and apologized to its fans as the team announced its decision to leave F1 today.

When the Japanese automobile giant joined the world championship in 2002, rivals could legitimately fear that the company’s enormous budget and technical resources could quickly make it a title contender. Especially since, starting from a blank slate, Toyota had immediately positioned itself in the middle of the pack at a reasonable distance from the best.

But the team was never able to capitalize and only secured podiums, falling short of victories. Its best position in the constructors’ championship was fourth in 2005. And this season, despite having an intrinsically fast car, Jarno Trulli and Timo Glock finished in 8th and 10th positions respectively in the drivers’ championship.

The president of the company, Akio Toyoda, during a press conference in Tokyo, explained that economic pressures have forced Toyota to withdraw, and that it is disappointing to leave the sport before having reached their objectives.

“It was a difficult decision, but ultimately inevitable,” said Toyoda, quoted by the news agency, Reuters. “Since last year with the deterioration of the economic climate, we have struggled with the question of whether to continue in F1. We are therefore withdrawing completely from Formula 1. I offer my sincerest apologies to the many Toyota fans for not being able to achieve the results we had targeted.”