On the heels of the release of the first-ever Lexus LFA supercar, Toyota has announced it will pull out of Formula One racing in efforts to cut costs. The economic downturn has certainly affected everyone, and costs incurred with Formula One racing can be extensive, even for the world’s largest automaker.
The announcement came just a day after the 2009 F1 season officially concluded with the Abu Dhabi Grand Prix. Toyota is gearing up to focus on their core business, and President Akio Toyoda was obviously quite pained when he announced at a press conference that, “This has been a very painful decision for the company.”
“Eco-friendly cars are our top priority,” Mr. Toyoda said. “I have called for Toyota to service our customers one at a time with exciting vehicles that meet our customer’s needs.”
Toyota follows Honda Motor Co. as the second major Japanese automaker to withdraw from FormulaIn Shocking Move, Toyota Pulls Out of Formula One Racing
On the heels of the release of the first-ever Lexus LFA supercar, Toyota has announced it will pull out of Formula One racing in efforts to cut costs. The economic downturn has certainly affected everyone, and costs incurred with Formula One racing can be extensive, even for the world’s largest automaker.
The announcement came just a day after the 2009 F1 season officially concluded with the Abu Dhabi Grand Prix. Toyota is gearing up to focus on their core business, and President Akio Toyoda was very emotional when he announced at a press conference that, “This has been a very painful decision for the company.”
“Eco-friendly cars are our top priority,” Mr. Toyoda said. “I have called for Toyota to service our customers one at a time with exciting vehicles that meet our customer’s needs.”
Toyota follows Honda Motor Co. as the second major Japanese automaker to withdraw from Formula One in the past 11 months. Honda pulled out of the high profile racing last December citing weakening economic conditions. Afterward, Brawn GP took the reins for the former Honda team and won the 2009 F1 championship.
A strong yen, with the dollar hanging around 90 yen, has hit many Japanese exporters hard. Toyoda is the grandson of Toyota’s founder, and became president just this year, having vowed to avoid further losses. Toyota made its F1 debut in 2002, and though they never one a GP, the teams results were impressive. In 2005 Jarno Trulli finished second in Malaysia and Bahrain.
One in the past 11 months. Honda pulled out of the high profile racing last December citing weakening economic conditions. Afterward, Brawn GP took the reins for the former Honda team and won the 2009 F1 championship.
A strong yen, with the dollar hanging around 90 yen, has hit many Japanese exporters hard. Toyoda is the grandson of Toyota’s founder, and became president just this year, having vowed to avoid further losses. Toyota made its F1 debut in 2002, and though they never one a GP, the teams results were impressive. In 2005 Jarno Trulli finished second in Malaysia and Bahrain.
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