Toyota Confirms Formula One Departure

The end is finalised. Toyota has confirmed its departure from Formula One with immediate effect. The report that emerged from Japan yesterday unfortunately turns out to be true. Toyota is pulling out of F1 completely, despite having signed the Concorde Agreement that should have tied it to F1 until 2012.

“This was a difficult but ultimately unavoidable decision”, Toyota Motor Co. president Akio Toyoda said, explaining that the current economic crisis has taken its toll on the company's finances. “Since last year with the worsening economic climate, we have been struggling with the question of whether to continue in F1. We are pulling out of Formula One completely”.

AboutSeow Yaohan

Seow Yao Han strives to bring you the latest and the most comprehensive information on cars available in Malaysia. But it's never easy for him to talk and write cars in this part of the world because what you lust after is often not what you drive home. When the euphoria of test-driving that branded, super-expensive sports car dies down, he just goes home in his less-than-glamorous ride.