Formula One news

Toyota highlights reasons for F1 exit

The news of Toyota's exit from Formula One on Wednesday confirms that the sport is left with just three car manufacturers for 2010; McLaren, Ferrari and Renault. The Japanese marque has explained that 'severe economic realities' have forced the move, which sees it join Honda and BMW on the sidelines.

With teams having refused an FIA budget cap earlier in the year, three of the opposing forces have now left F1 for financial reasons; with Honda having been the first to bow out last December, BMW followed suit in July with Toyota now confirming that no Japanese manufacturer remains on the grid.

'When considering TMC's motorsports activities next year and beyond, from a comprehensive mid-term viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1,' Toyota's Wednesday statement reads, with TMC referring to the parent Toyota Motor Company.

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'It views its time in F1 - in which teams put forth their best efforts to fiercely compete at racing's highest level - as an irreplaceable experience that provided an opportunity to develop both human resources and its R&D operations. TMC expresses its deepest
appreciation to its F1 fans and others for their warm support.'

The official press release went on to thank all Toyota Racing drivers since 2002 as well as employees of the team. 'TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause,' the statement added, before concluding that Toyota will move forward by developing 'exciting production vehicles', such as the Lexus LFA supercar and compact rear wheel drive sports cars. 'In motorsports, it will not only race in various categories, but will also actively contribute to further development of motorsports by supporting grassroots races and planning events in which it is easy for people to participate.'

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