Toyota confirms shocking F1 exit

[6 Shooter]

Toyota has confirmed that it will pull the plug on its Formula One program immediately. The news was announced by company boss Akio Toyoda in Tokyo some 11 days before a much anticipated meeting where the team's budget was to be discussed.

Toyota's withdrawal comes following the departure of Honda 11 months ago, and confirmation from Bridgestone on Monday that it will leave F1 at the end of 2010. It leaves Japan with no strong connections to the sport for the first time since Honda's return in 1983.

Toyota arrived in F1 amid great fanfare in 2002, and while it has earned pole positions and podiums--the red and white cars finished second in two of the last four races of this year--there had been no wins.

Toyota confirms shocking F1 exit

 

[82ColEd]

After BMW's exit, soon there wont be any big names left, just special teams, like Brawns F1, not that there is anything wrong with them, but it is (was?) nice to have the big guns shoot it out as well.. :W

-Stefan

 

[jrose7004]

I know that Formula One has had some power struggles of late but is this some fallout from it? I really haven't been following it this year.

 

[82ColEd]

I dont think the power struggles have anything to do with it. They all claim to need to save cost due to the "financial crisis", though in Toyotas terms, they renewed the Concorde Agreement to stay with FIA/F1, which is going to cost them penalties now, due to reneging the contract. Dunno, but After Honda bailed, Bridgestone announced exit and Toyota now, dunno, maybe just a Japanese trend?

Btw, their drivers havent seen a win in quite a while, maybe they just took this 'opportunity' to exit somewhat gracefully.

 

[6 Shooter]

Toyota, in a race to cut costs, quits Formula One

Toyota Motorsport Chairman Tadashi Yamashina cries at a news conference at
the company's headquarters in Tokyo today.​

TOKYO -- Toyota Motor Corp. pulled out of Formal One racing today, as it battles a second straight year of red ink and races to cut more than $9 billion in costs this year.

Toyota follows Japanese rival Honda Motor Co. in quitting the sport. Honda announced at the end of last year that it would no longer race, projecting it could save nearly $1 billion.

Toyota didn't say how much it expected to save by dropping out, though outsiders have estimated its annual F1 budget at around $300 million. But it said in a statement it had to withdraw “reflecting on the current severe economic realities.”

Toyota will pull out at the end of the 2009 season, it said.

The world's largest automaker is forecasting a $7.85 billion operating loss in the fiscal year ending March 31, 2010. And it is targeting $9.4 billion in cost cuts during that period. It is scheduled to report second-quarter results tomorrow.

“This was a difficult but ultimately unavoidable decision,” President Akio Toyoda told a news conference in Tokyo today. “Since last year as the economic climate worsened we have been struggling with the question of whether to continue in F1.

“We stressed our commitment to F1 last year, and we have done our best over the past season, but it was no longer viable to continue,” said Toyoda, himself an avid racing fan.

Toyota, in a race to cut costs, quits Formula One - Automotive News

 

[Tuna]

Not a shock to those that have been following F1. Toyota has spend tons of money in F1 without much to show for it. Toyota is running in the red right now like most car companies. Toyota's heart isn't in racing - they build appliances that move people around. Usually pretty good appliances but that doesn't make them love racing.

Of course Bernie and the FIA are saying that Toyota (BMW, Honda) would have stayed if the teams would have approved budget caps a few years ago like the FIA wanted. I say that is BS but who really cares right now.

Bridgestone is pulling out of F1 at the end of 2010 also. Michelin pulled out 2 years ago when FIA decided to use a single tire company in F1. Maybe Goodyear will sign up to build F1 tires - they're pretty good at building tires for racing when no other tire company is competing against them.

The FIA has disliked the idea of manufacturers competing in F1 all along. The FIA wants F1 to be a privateer racing series with a little help from the manufacturers for engines only. The FIA is getting what they wanted all along - Toyota out, BMW out, Honda out, Bridgestone out, Michelin out; Cosworth back in, Brawn in, USF1 in, Campos in, etc. McLaren, Williams, and Ferrari are still in. McLaren is pretty much a factory team and Ferrari is. Williams will be a 'privateer' again as they are supposed to be using Cosworth engines next year.

It appears that the FIA is trying to make F1 a spec series with everyone using Cosworth engines, spec tires and spec body work - NASCAR without fenders. I'm not looking forward to that. I'll be watching the ALMS and wishing there were more ALMS races each year.

 

[82ColEd]

Agreed Tuna..

Though Ferrari is supplying engines to RedBull, so the other 2 RedBull Teams arent entirely Privateers, but overall, i fear you are correct. :ugh

This 'new' F1 is going to, aeh, STINK.. If i wanted to see a same engine/same car race, i'd watch the F**D Racing Car series. :eyerole

 

[Tuna]

If i wanted to see a same engine/same car race, i'd watch the F**D Racing Car series. :eyerole

Or the IRL! :bash
I wonder how long Honda will continue providing engines to this series.

Any racing series that hands out "manufacturer" trophies at the end of the year shouldn't be a spec car series - get that NASCAR, F1, etc.??? ad