Toyota withdraws from F1

Toyota has confirmed that it is pulling out of Formula 1 racing after posting its worst ever financial loss. The world's largest car manufacturer is leaving the sport to concentrate on its core business and to cut costs.

Toyota president Akio Toyoda said the Japanese team had no option but to pull out citing "the current severe economic realities" affecting the world. Toyota did not win a race after making its F1 debut in 2002 but was fifth in the 2009 constructors' championship. The company revealed its worst set of figures for the financial year to March 2009, and is expecting further losses to continue when it posts its results to September 2009 on Thursday.

Toyota's withdrawal leaves the sport with no Japanese team after Honda left F1 at the start of the 2009 season. Honda was replaced by Brawn, who went on to win this year's drivers' championship with Jenson Button and the constructors' championship.

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source: BBC Sport