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Formula One
F1: Toyota Cites Economic Issues For Decision
Toyota's decision to leave F1 happened quickly because the statement was issued in Tokyo while the staff in Cologne was being informed...
Adam Cooper  | http://www.speedtv.com  |  Posted November 04, 2009   Balen (BEL)
Toyota confirmed Wednesday that the company will shutter its Formula One racing program at the end of 2010. (Photo: LAT Photograph)
Toyota insists that ‘economic realities’ are the reason behind the decision to pull out of F1.
Toyota confirmed Wednesday that the company will shutter its Formula One racing program at the end of 2010. (Photo: LAT Photograph)

The decision clearly happened very quickly because the statement was issued in Tokyo while the F1 staff in Cologne was being informed, and even the team PR department didn’t know what was being sent out. The company went on to thank the team and confirm that it would stay involved in other forms of motorsport.

There is no information yet on any possible attempt to sell the team on but rather bizarrely Toyota says it hopes ‘to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause.’ That may prove to be a very expensive process for Toyota.

“TMC, which had viewed its participation in F1 as contributing to the prosperity of automotive culture, remained dedicated to competing at the pinnacle of motor sports, even in the face of the abrupt economic changes that started last year. However, when considering TMC’s motorsports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1.

“TMC leaves F1 having compiled 13 podium and 87 point finishes over eight challenging seasons since 2002 with Panasonic Toyota Racing, a full-constructor team. It views its time in F1—in which teams put forth their best efforts to fiercely compete at racing’s highest level—as an irreplaceable experience that provided an opportunity to develop both human resources and its R&D operations. TMC expresses its deepest appreciation to its F1 fans and others for their warm support.

“TMC also wants to express its heartfelt gratitude to all Panasonic Toyota Racing drivers to date and to all Toyota Motorsport GmbH employees who have helped make the team’s achievements possible. TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause.

“Drawing on its experience in F1 and other motor sports, TMC intends to move forward in developing exciting production vehicles, such as the Lexus “LFA” supercar and compact rear-wheel-drive sports cars. In motor sports, it will not only race in various categories, but will also actively contribute to further development of motor sports by supporting grassroots races and planning events in which it is easy for people to participate.”
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