Japan`s Toyota Motor is to quit Formula One (F1) in a bid to slash costs as the company battles to cope with the fallout from the global recession, a newspaper said Wednesday.
|Last Updated: Nov 04, 2009, 09:18 AM IST|Source: Bureau
Tokyo: Japan`s Toyota Motor is to quit Formula One (F1) in a bid to slash costs as the company battles to cope with the fallout from the global recession, a newspaper said Wednesday.
Toyota will hold an extraordinary board meeting Wednesday to make a formal decision on the pullout, with president Akio Toyoda making the announcement at a news conference in Tokyo, the newspaper said, without citing its sources.The world`s biggest carmaker declined to comment on the report.
The newspaper said the auto giant had earlier planned to continue its F1 participation until 2012 but decided to cut costs by making this year`s season -- which ended Sunday in Abu Dhabi -- its last, the paper said.
Toyota would consider selling the team, it said.
Toyota entered F1 in 2002. It ended this season ranked fifth in the constructors` championship.
If the company`s withdrawal is confirmed it would mean there would be no Japanese automakers in the world`s premier autosport.
Toyota in July pulled out of hosting the Japanese Grand Prix at its Fuji Speedway circuit.
The report came just two days after Japanese tyre maker Bridgestone Corp. said it would end supplying tyres to the race next year.Bridgestone`s exit from Formula One is part of an exodus by Japanese automotive industry giants from the multi-million-dollar sport amid the worst industry slump in decades.
Honda earlier sold its F1 team as the carmaker battled with the effects of a slowing world economy.
Bureau Report
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.