The worldwide economic crisis has affected almost all branches of the industry, and even one of the biggest carmakers in the world, Toyota didn’t escape its grasp. But while things are still going pretty good in terms of marketing normal cars, it seems that the Japanese corporation needs to get rid of a big hole in its budget, caused by its Formula 1 team.
As such, the corporation announced earlier today that it has decided to withdraw, effective immediately, from the famous motorsport competition. It has issued a statement in which it praises the efforts of the team and the valuable research it has achieved through it, but says that it just isn’t feasible anymore.
“Toyota Motor Company, 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,” revealed Toyota in the statement. “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.”
But this doesn’t mean that the company won’t continue to be involved, in one way or another in motorsport, as it revealed that it will continue to support grassroots events and races in which people can participate without needing special permits.
Do you think that this decision is the best? Leave a comment with your view on Toyota’s exit from Formula 1.
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