F1 2010 Season: Toyota will not compete

It looks like another motor company, has now decided to pull out of Formula 1. We’ve already seen Honda Motor Co., which is Japan’s second-largest automaker pull out of the sport at the end of the 2008 season and now it appears that Toyota are following suit.

According to reports from istockanalyst.com, it was recently announced that Toyota Motor Corp., who are Japan’s top automaker, will be withdrawing from Formula 1 at the end of the 2009 season. They now join a number of automakers that are leaving major racing events.

Sources have said that Toyota, who joined F1 back in 2002, is now aiming to cut its F1-related spending, as its annual cost amounts to several tens of billions of yen. They also added that Toyota is now expected to look for a buyer, for its Formula 1 team.

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