Exclusive: Toyota withdraws from F1
The Japanese daily, Mainichi Shimbun, reported last night that: « Toyota Motor Corp., the world’s largest automobile company with the biggest contribution in motorsports, has decided to withdraw from Formula One and not participate in the 2010 championship. » The other Japanese sites, including the news agency Reuters, quickly relayed the information, which should therefore […]
The Japanese daily, Mainichi Shimbun, reported last night that: « Toyota Motor Corp., the world’s largest automobile company with the biggest contribution in motorsports, has decided to withdraw from Formula One and not participate in the 2010 championship. »
The other Japanese sites, including the news agency Reuters, quickly relayed the information, which should therefore be taken seriously.
The official announcement regarding the future of Panasonic Toyota Racing is scheduled for a press conference this Sunday, November 8, and will be preceded by 4 extraordinary board meetings to decide the future of Toyota in F1. However, the Japanese press claims that the decision has already been made and will be announced this Wednesday.
The team, which stepped onto the podium 13 times, was unable to fulfill its ambitions of victory despite having a colossal budget and resources during its seven seasons in Formula One. By comparison, in the same timeframe, Red Bull and, to a lesser extent, Honda, BMW-Sauber, and Renault, managed to secure at least one victory.
Toyota, due to the Concorde agreements, is initially engaged in Formula One until 2012. But with the current economic context, Toyota Motor Corporation expects two consecutive years of deficit and is therefore looking to limit losses. The Fuji Speedway circuit, owned by Toyota, had already announced earlier this year that it could no longer host the Grand Prix for economic reasons.
That said, Mainichi Shimbun claims that as opposed to a complete withdrawal, in an effort to safeguard jobs, a number of proposals will be considered, including the possibility of reselling the team.
Regarding the drivers, Kamui Kobayashi’s future in Formula One is uncertain. However, there is no doubt that his recent race performances have caught the attention of the motorsport world. The Japanese driver, who currently lacks a budget, should nonetheless be able to secure a race seat and attract some sponsors. As for Jarno Trulli, his future was not, in any case, linked to Toyota’s.
The withdrawal of Toyota marks the end of Japanese automakers in Formula One, following Honda’s departure last winter.
