Formula One news

Toyota reduces running costs

For the first time in its eight-year Formula 1 history, Toyota has reduced costs this season as the team focuses more closely on its budget amid the economic downturn. Toyota was the one of two Japanese manufacturers in F1 until Honda withdrew at the beginning of December.

Following Honda's departure, it was revealed at the weekend that Toyota came perilously close, during the same month, to becoming the second major manufacturer to axe its F1 project until sponsor Panasonic upped its interest in the sport. "Our Formula One budget was cut again and again from its original figure," Team Principal Tadashi Yamashina informed Reuters. "It was then cut again after Honda's withdrawal and within a month the figure was once again reduced after Toyota's yearly earnings target was revised."

Tadashi Yamashina, Toyota Team Principal

Toyota, after Honda, input the second highest amount of funds towards its team in 2008, with an estimated £211m. "I'm not able to put a figure on how much the F1 budget was slashed by, but in all my time at Toyota I have never seen cuts like it," Yamashina continued.

Since joining F1 in 2002, the team has failed to win a Grand Prix and believes this year the chances of such an event happening are higher than ever before. "Winning and results are important," the Team Principal stressed. "There are other factors too - this is a business and, unless we make the team viable, next year we may have to cut costs further. It has been very difficult, laying off staff and cutting costs; no matter how far we have to down-size the team or budget by, that is what business people have to think about."

The latest model has so far proven both quick and, crucially, reliable in pre-season tests as the red and white cars yearn to strive for success. Yamashina set the target for the season: "We're cutting down on tests and we will be keeping spending under tight control, but having said that results are important. There's little point doing it if we are crawling home in 17th or 18th place in every race."

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