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Article: Toyota withdraw from F1.
- Article from:
- Aljazeera.net
- Article date:
- November 4, 2009
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11/4/2009 3:51:42 PM
Toyota has announced it is pulling out of Formula One racing with the world's largest automaker deciding that it needs to cut costs and focus on its core business.
Toyota follows Honda Motor Co. as the second major Japanese automaker to withdraw from the sport in last 11 months.
Honda pulled out in Dec. 2008 amid worsening economic conditions.
Brawn GP, which took over the old Honda team, won the 2009 F1 championship.
"Based on the current economic environment, we realise we have no choice but to withdraw from Formula One,'' Toyota president Akio Toyoda said.
"This has been a very painful ...