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Article: Toyota pulls out for Formula One for 2010
- Article from:
- AP Worldstream
- Article date:
- November 4, 2009
- Author:
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Toyota is pulling out of Formula One racing, saying Wednesday that it needs to cut costs and focus on its core business.
"Based on the current economic environment, we realize we have no choice but to withdraw from Formula One," Toyota president Akio Toyoda said. "This has been a very painful decision for the company."
Toyota, the world's largest automaker, follows Honda as the second major Japanese company to withdraw from the sport in the last 11 months. Honda pulled out in December 2008 amid worsening economic conditions. Brawn GP, which took over the old Honda team, won the 2009 F1 championship.
Toyota officials said the withdrawal was complete, ...