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.
The team failed to win any of the 139 races it entered after making its F1 debut in 2002 but was fifth in the 2009 constructors’ championship.
Toyota’s withdrawal leaves the sport with no Japanese team after Honda left F1 at the start of the 2009 season.
Honda was replaced by Brawn, who went on to win this year’s drivers’ championship with Jenson Button and the constructors’ championship.
The company revealed its worst set of figures for the financial year to March 2009, and is expecting further losses to continue when it posts its results to September 2009 on Thursday.
Toyota’s demise could pave the way for Sauber to return, after Swiss-based Qadbak Investments stepped in in September following BMW’s withdrawal from the BMW Sauber team in July.
At the time, the FIA gave Sauber “14th place” for next season, meaning they were first reserve to fill any vacancy.
Toyota’s season promised much after long-term driver Jarno Trulli finished third in the opening race of the season in Australia and followed that with another third in Bahrain, after starting race four from pole position.
His team-mate Timo Glock also stood on the podium after finishing third in the rain-affected second race of the season in Malaysia.
But neither driver would reach the podium again until race 14 when Glock finished second behind Britain’s Lewis Hamilton in Singapore, equalling the team’s best finish to a race.
One week later, in early October, Trulli also came second in Toyota’s final home grand prix at its Fuji Speedway circuit.
Japanese driver Kamui Kobayashi joined Trulli, who finished the season eighth in the standings, for the final two races of the season after Glock, who came 10th, was injured.
Germany’s Ralf Schumacher, France’s Olivier Panis and Britain’s Allan McNish have also all driven for Toyota over the years.
Williams also announced last month that it would be replacing its Toyota engine with a Cosworth for next season.
And Japanese tyre firm Bridgestone announced on Monday that it would not be renewing its contract to supply F1 after its current deal runs out at the end of the 2010 season.
In July Toyota pulled out of hosting the Japanese Grand Prix at its home circuit from next year.
Fellow Japanese companies Subaru and Suzuki withdrew from the World Rally Championship prior to this season while Kawasaki pulled out of MotoGP.
Reference: bbc.com/f1 (BBC Sport)
