Toyota withdraws from Formula 1 - Confirmed

[Wishcumstrue]

BBC: 08:13 GMT, Wednesday, 4 November 2009

 

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 will concentrate on its core business.

 

Toyota president Akio Toyoda said the Japanese team had no option but to pull out citing "the current severe economic realities" affecting the world.