InsideJapan News Network
Wednesday,
4th
November
2009
In Japan Sports News, Sports,
In Japan Sports News, Sports,
Toyota announces Formula One pull out
Japanese car manufacturer Toyota has announced that it is to pull out of Formula One, as it continues to struggle with the impact of the global economic downturn and attempts to cut costs.
The move sees Toyota become the second Japanese car marque to announce it is leaving the sport, following Honda's retreat in December of last year.
In a statement, president of Toyota Akio Toyoda said that the decision to leave Formula One had been a "painful" choice.
"Based on the current economic environment, we realise we have no choice but to withdraw from Formula One," he said.
The news follows an announcement from Japanese tyre manufacturer Bridgestone that it will also pull out of Formula One and leaves the sport with no Japanese team, sponsor or manufacturer.
The current Formula One season ended over the weekend with a night race at the Abu Dhabi track, in which Sebastien Vettel was victorious.
Written by Mark Smith.
Related news stories:
Possible Olympic bronze for Japan after drug tests (4th September 2008)
Formula One comes to Japan next month (30th September 2008)
Toyota posts improved figures (5th November 2009)
The move sees Toyota become the second Japanese car marque to announce it is leaving the sport, following Honda's retreat in December of last year.
In a statement, president of Toyota Akio Toyoda said that the decision to leave Formula One had been a "painful" choice.
"Based on the current economic environment, we realise we have no choice but to withdraw from Formula One," he said.
The news follows an announcement from Japanese tyre manufacturer Bridgestone that it will also pull out of Formula One and leaves the sport with no Japanese team, sponsor or manufacturer.
The current Formula One season ended over the weekend with a night race at the Abu Dhabi track, in which Sebastien Vettel was victorious.
Written by Mark Smith.
Related news stories:
Possible Olympic bronze for Japan after drug tests (4th September 2008)
Formula One comes to Japan next month (30th September 2008)
Toyota posts improved figures (5th November 2009)
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