Toyota has announced it is withdrawing from Formula 1 with immediate effect, becoming the third carmaker to quit the sport in less than 12 months.
After months of rumours about the Japanese manufacturer’s future, the F1 team’s parent company the Toyota Motor Corporation revealed following a board meeting on Wednesday that it had taken the decision to pull out of the sport after eight seasons without a win.
In its statement announcing the move, Toyota said that while it had remained determined to compete in F1 in the face of the worldwide recession that took hold towards the end of last year, it had now revised its position and concluded that the F1 spend did not fit into its medium-term business plans.
“Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA Formula One World Championship (F1) at the end of the 2009 season,” the Toyota statement said.
“TMC, which had viewed its participation in F1 as contributing to the prosperity of automotive culture, remained dedicated to competing at the pinnacle of motor sports, even in the face of the abrupt economic changes that started last year.
“However, when considering TMC’s motor sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1.”
The decision means Formula 1 is currently left with just three manufacturer teams heading into 2010: Ferrari, McLaren-Mercedes and Renault.
Last December Toyota's Japanese rival Honda had become the first F1 victim of the worldwide economic problems when it pulled out with immediate effect, before BMW announced in July plans to quit at the end of the current season owing to a "strategic realignment".
Initial speculation that Toyota would follow Honda’s lead increased in May when the the Japanese firm, the world’s largest carmaker, announced the first annual operating loss in its history.
And although it subsequently committed to F1 until 2012 by signing the new Concorde Agreement in July, it soon became clear that the team’s future would be decided by its Japanese parent company at a board meeting in November when its 2010 budget would have to be signed off.
This forced the team to hold off from signing either of its drivers for next season, although it had made no secret of the fact it had tried to lure both Robert Kubica and Kimi Raikkonen.
In its withdrawal statement Toyota thanked its Cologne-based team’s staff for their efforts since the squad was launched in 2002, adding that it would strive to find the best “solution” for the workforce affected – although it is not yet clear whether this will it involve trying to find a new owner for the operation.
“TMC also wants to express its heartfelt gratitude to all Panasonic Toyota Racing drivers to date and to all Toyota Motorsport GmbH employees who have helped make the team’s achievements possible,” he said.
“TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause.”
Despite competing with what was believed to be the biggest budget in Formula 1, Toyota failed to win any of its 139 races and claimed just 13 podium finishes.
The Japanese firm nevertheless described its eight-season stay in F1 as an “irreplaceable experience” which has allowed it to develop its R&D capabilities.
“TMC leaves F1 having compiled 13 podium and 87 point finishes over eight challenging seasons since 2002 with Panasonic Toyota Racing, a full constructor team,” Toyota’s statement read.
“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 Japanese firm added that it would continue to compete in motorsport, albeit in the lower categories.
“In motor sports, it [Toyota] will not only race in various categories, but will also actively contribute to further development of motor sports by supporting grassroots races and planning events in which it is easy for people to participate.”
Toyota's withdrawal may open the door for BMW Sauber to remain on the F1 grid in 2010.
The Hinwil-based team, under new owner Qadbak, had been forced to wait for a grid slot to become available after efforts to get agreement to expand the field to 14 teams failed.
Toyota had already cut its other ties in F1 after mutually agreeing to end its customer engine supply deal with Williams for 2010 and pulling its Fuji Speedway circuit out of a race-share deal with Suzuka to host the Japanese Grand Prix.