Formula One news

'Toyota set to end Formula One project'

Toyota is about to pull out of Formula One, Japanese newspaper Mainichi reports. According to the publication, the car manufacturer will host a press conference on Sunday, after which the decision will be made public.

Toyota is set to have an important meeting in which the future of its Formula One project will be discussed - and the prospects of it staying alive do not appear to be good; the Cologne team did not achieve the first Grand Prix victory it craved this year, despite making a big step forward after last season.

With the parent company also suffering from the current economic crisis, the millions spent on the Formula One project could well be used for other issues.

If Toyota does indeed pull out, the news would be particularly bad for rookie driver Kamui Kobayashi, who looked set for a full-time 2010 seat after finishing ninth and sixth in the last two races this year while subbing for the injured Timo Glock.

The exit, should it happen, could be good news for the former BMW team, which - now owned by Swiss investments firm Qadbak - had lost a chance to be on next year's grid.

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