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Toyota quits Formula One
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Today, Toyota Motors said sayonara to Formula One leaving Japan without a racing team in motorsports premiere event. The Cologne based racing team and engine supplier dealt yet another blow to the sport after Japans number-two automaker, Honda, called it quits last December. Honda-backed Super Aguri left the series early last year citing economic reasons.
Despite spending around $300 million a season, the decision to pull out of the series comes as no surprise to F1 fans as Toyota has not received a single top podium finish since its debut in 2002. “This was a difficult but ultimately unavoidable decision,” said company president Akio Toyoda. “Since last year with the worsening economic climate, we have been struggling with the question of whether to continue with F1,” he stated.
Toyota’s absence from F1 leaves only three manufacturers left in the sport: Ferrari (Fiat), Mercedes, and Renault. And it is highly likely that the embattled Renault team will leave the sport sometime soon as well.
Japanese companies have been struggling in this economic downturn as Japans economic base continues to contract. Subaru and Suzuki withdrew this year from the world rallying championship; Kawasaki pulled out of MotoGP and tiremaker, Bridgestone, announced on Monday they would not renew their supply contract with F1 after the 2010 season.
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