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Confirmed: Toyota withdraws from F1

11/04/2009, 12:22 PM

By Nick Aziz

Following Tuesday’s rumors, Toyota today officially announced its withdrawal from Formula One racing. “We are pulling out of Formula One completely,” CEO Akio Toyoda told the media at a press conference. “I offer my deepest apologies to Toyota’s many fans for not being able to achieve the results we had targeted.”

The move will save the company hundreds of millions of dollars per year and, given the company’s precarious financial situation, that might not be a bad thing. Toyota has forecasted a loss of $8.3 billion for the year.

Given the global economic recession, persistently weak new car sales, a very unfavorable dollar-yen exchange rate, and declining overall revenue, it’s no surprise Toyota’s management is pulling the plug.

What’s more, the company’s relatively weak performance in F1 racing doesn’t help. Toyota hasn’t achieved a single F1 victory in 139 races over seven years.

Toyota is rumored to spend as much a $400 million per year on F1. While there are branding and R&D benefits to participating in Formula One, it’s unlikely the extreme cost can be directly justified.

In a statement to the press, Toyota said it views its participation in F1 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 statement reads. “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.”

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11/03, 9:17 PM

posted by:

A4

NASCAR is certainly a much better effort, eh Toyota? ;)

11/03, 9:19 PM

posted by:

rpmfan

Anybody else love all the negative things coming out lately about Toyota? I sure do, they’re getting exactly what they asked for. They wanted to be number 1, now they have to answer to things.

11/03, 9:22 PM

posted by:

Pazzo Canguri

Another one bites the dust….ohwell no great loss….7years with no result..suprised it didnt happen sooner.

Shame though..one less team to compete is never good for the sport…

11/03, 9:25 PM

posted by:

Pazzo Canguri

bit harsh their rpmfan arent you??? What other car maker never wanted to be no.1? NONE..they all want to be number one…just some do it better than others…
I think toyota is a good company with relatively good reliable products….cant slam a company for trying..

oh and A4..Nascar….ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

11/03, 9:30 PM

posted by:

johnnycanuck

Well that would explain why Williams is going to Cosworth engines next year.

11/03, 9:45 PM

posted by:

spg900

Gotta agree with you there Pazzo-hai raggione.

11/03, 9:50 PM

posted by:

2morrowdesign

Too bad, Toyota was really making good strides though.
Im mean Kamui Koboyashi gave everyone a run in the last couple of races.
I think he shoulda had a seat waaay before Nakajima !

At any rate, I am sad to see them leave.
Who knows, maybe the team that buys their equipment
will end up winning the championship next year…Ahem (honda) !!!

11/03, 10:40 PM

posted by:

LunaticRider

Damn thats too bad. But I guess the poor bastards could not keep up with the costs. They should look at it in a way that as was mentioned by A4 that they would do better with cars that only turn left (NASCAR) for 50 laps or so each race. But good thins is that F1 is going to have and american team next year and yeah Lotus is joining too can’t wait just one more manufacturer if it was to join and that is porche and that would complete the damn competition in F1.

Live Free. Drive Fast.

11/03, 10:40 PM

posted by:

Architect

And so the evidence continues to pile up…Toyota’s not so invincible after all.

11/04, 12:11 AM

posted by:

cocksterS

I gotta say, I can’t really blame Toyota’s top brass for making this call, given the current economic climate and their woeful performance. It’s one thing if you’re Force India, another if you’re a manufacturer team. I want to blame F1 management, but it’s a weird thing to balance driver safety, the desire to showcase top technology, competitiveness (i.e. make it fair for smaller teams), and on-track excitement.

I got really exicted about rumors this past year of a breakaway manufacturer’s series with higher speeds, limited aerodynamics, and less restrictive engine and strategy rules, but then I wondered a) who would be able to afford to compete besides ferrari, mclaren, and maybe renault and bmw and b) what driver in their right mind would sign up to dive such a machine.

I wonder when we’ll start seeing remotely piloted F1 cars. 2025? 2050? Never?

11/04, 1:20 AM

posted by:

exmayol

Toyota always seemed to blame their drivers for all the losses. Salo, McNish, Panis, DaMatta, Ralph Schumacher, and now both Trulli and Glock hear the same kind of crap – we have a podium capable car but noone to get it there blah blah blah… I guess the bosses are no longer buying this excuse ans shutting down their F1 effort altogether. Although 139 races, 13 podiums, 273 points is not bad at all after all.

11/04, 3:09 AM

posted by:

BIG-KC

Hahahahaha!

First Honda drops because they suck at F1 and now Toyota for the same reason!

11/04, 4:21 AM

posted by:

Soravia

Spend that money on the up coming Hachi-Roku and it’s variants. Breath life into boring cars. And throw some effort into GT racing where Altezza used to be popular at. Lexus needs another Altezza RS200.

11/04, 5:23 AM

posted by:

DrFill

They’ve gotten what they wanted out of it with the LF-A
What they’ve learned will help them now and in the future
Calling their finances “precarious” is definitely wrong
But that’s LLN for you
DrFill

11/04, 6:04 AM

posted by:

scratchy

DrFill , sure , that was the plan , enter F1 , spend billions just to be able to make a limited edition car , *wink*.

11/04, 6:18 AM

posted by:

AutoCritical

I wouldn’t make it as simple as that DrFill, but essentially, I do think Toyota has been in all these motor sports for these reasons… sports cars.

Overall its sad to see a ‘large’ F1 team go, but I guess it brings a chance for the new Sauber F1 team to get back in. For the whole global aspect of the sport, and Japans role in it, it is quite a sad outcome.

11/04, 8:14 AM

posted by:

Timellini

In my eyes Toyota’s participation and poor success in F1 has done more harm than good to their reputation. And yes, two of my three cars are Toyotas, am still a fan in a way. They never managed to hire star drivers, even though Glock never got to show what he is capable of. In Singapore he did well this year.

There is not much seats left for next season and many drivers looking for a place still. Kovalainen, Trulli, Glock, Heidfeld all looking for a place for next season. Räikkönen will definitely not drive anywhere else except for McLaren, should he manage to get a deal there. Hopefully he does, as none of the names mentioned above is able to fight against Hamilton, Red Bull and Ferrari.

11/04, 8:28 AM

posted by:

05Z88Path

An obvious call for Toyota. F1 is a huge money pit for manufacturers, and for a car company like Toyota what was the payback? Name recognition? Certainly not. Hyping up the brand to sell cars? Not a chance. Trickle-down effect of technology into their production cars? Unlikely. The Lexus LF-A may have benefited from their F1 program, but that is a far cry from the average Toyota Corolla/Camry. While I applaud any manufacturer getting into motorsports, this was a decision that could have been easily predicted. First Honda went bye bye, and now Toyota and BMW. Shame. But F1 will go on…

11/04, 10:16 AM

posted by:

DenverGuy217

Hate to imagine the damage a loose floor mat might have caused at those speeds….

11/04, 10:38 AM

posted by:

Need more oil for GM

HAHAHAHAHAHAHAHAHAHAHA F1 thats for “F*CK 1″ so

F Toyota, F Japan, and F the unAmerican aholes left who buy their POS products.

Be American. buy American. Buy GM

An American Revoution!!!!

11/04, 10:58 AM

posted by:

aesir

That’s really too bad…. if Ford and Chevy (GM) were in better shape I would love to see them enter F1. At least they still have some sports cars in their lineup. Let’s go front mid-engine V10 corvette!

11/04, 11:07 AM

posted by:

shaver

Good riddance, goes to show you money cant always buy you love or wins. But I’ve also always felt the Euros (FIA) have managed the rules to limit the success of non-euro manufacturers. But in the end Ferrari will always enjoy the advantage that USC, the LAkers and the Yankees enjoy. Talent wants (look at how desperate Fisischella seemed) to play or drive for them.

11/04, 12:05 PM

posted by:

superman

smart move. can’t blame em. to be a relatively young company racing in a prestigious sport like F1 is great, but for much lower cost toyota can play with the hillbillies in nascar.

11/04, 12:21 PM

posted by:

buytheredcar

I believe it was due to the non wins than money, even though money did play in a part in it.

the cycle continues in F1.

Manufacturers start to pull out when it affects their marketing.

11/04, 12:27 PM

posted by:

Long Dong Auto

Perhaps they will put some of the savings into developing proper slush mats and floor contours.

11/04, 12:33 PM

posted by:

reedfast

what fans does toyota have in f1?

11/04, 12:40 PM

posted by:

85ZingoGTR

Is Toyota trying to erase all traces of racing and sport from their genes? While other companies try to enter racing so that they can promote their racing heritage better Toyota is doing the exact opposite. They killed the Supra, the Celica, MR2, all their cool looking sport cars. It seems to me that Toyota wants to be known as the most boring car company of the world. Manufacturer of blandness on wheels.

11/04, 12:44 PM

posted by:

A4

Dr. Fill – saw the LFA in the flesh today. Someone please tell Toyota to hire more exciting designers for a 400,000 dollar car. Awful.

11/04, 12:50 PM

posted by:

FSVT_ROCK

That ain’t surprise me, Toyota shouldn’t even been in it and they know is going to cost them too much. My things is why LFA? Why not Supra? and what’s up with the F line Toyota creat?
NASCAR suppose to be american sports, with American cars not Japanese or European.

11/04, 12:51 PM

posted by:

iwc5004

Need more oil for GM. Seriously go back to your rusty old gm pickuptruck and your single wide. Your mamma is calling you in for dinner.

11/04, 1:03 PM

posted by:

johnnycanuck

I’m going to give Mr. Toyoda the benefit of the doubt here. Toyota’s participation initially in F1 was not his decision and neither was the LFA. And if it came down to keeping one or the other… or maybe to put it more correctly cutting his losses… he made the right choice. At least with the LFA they can probably sell out their limited run and maybe recoup the R&D costs. Still, you have to say holy sh*t about the whole F1 deal… if that was 7 years at 400 mill per… well just do the math. You think they couldn’t use that kind of scratch right about now?

11/04, 1:06 PM

posted by:

85ZingoGTR

Need More Oil For GM!! I missed you old friend. You missed alot in your absence. GM actually made a smart decision for once in their life. They decided to keep Opel. Being GM is too incompetent to know how to properly build a fuel efficient car people actually want its a great idea to keep Opel after all. Don’t you agree? ;-)

@ FSVT_ROCK – I agree. It should’ve been a remake of the Supra instead of the Lexus. Atleast they could’ve used it as a halo car to improve the style of their current lineup.

11/04, 2:40 PM

posted by:

BAD124

Thats so clever. What do you think FU would stand for?

11/04, 2:53 PM

posted by:

sprockkets

NMOFGM, you forgot to mention, “May The Best Car Win”

You are slacking yet again. Don’t post again until you shape up.

11/04, 3:12 PM

posted by:

JSi

i used to hate NMOFGM, but now i like to see his post just for comedy purposes… he’s parents are probably japanese hahaha! he drives a hyundai accent and just had chinese food for lunch… and he shops at walmart…

11/04, 4:54 PM

posted by:

85ZingoGTR

@ JSi – lol. I just enjoy pushing his buttons even though my comments replying to his comments are true. I think he hates me now. he hasn’t replied to any of my strikes at GM.

11/04, 5:26 PM

posted by:

JSi

@ 85Z hahaha do you think GM pays him to post positive stuff about the company?
because i think circuit city hired people to write positive reviews on its webpage…

11/04, 8:06 PM

posted by:

DrFill

A4
The car is BadAss
And you know it!

And the R8 is it’s first victim
Talk about awful
That will be put out of it’s misery
DrFill

11/04, 8:31 PM

posted by:

85ZingoGTR

@ JSi – I doubt it. The funny thing about this character is that with each post he’ll start off all gunhoe about GM dissing anything that isn’t GM and then after I prove him wrong in something he’ll completely diss GM. I remember in one post he started off with “GM. An American Revolution” and then he put another comment ending with “GM. An American Embarassment.” lol

11/04, 8:43 PM

posted by:

CiNO

Toyota is making a smart move. If they continue losing money, they wouldn’t produce new models in their line up. Make the F1 go, and Make the Supra come back along with FT-86. They might learn a lot from F1, and they’re not only use it for Limited cars like LFA. The development will help improving next gen of IS-F, and other performance models as well.

11/04, 11:05 PM

posted by:

The Stig

7 years, billions later and no win … now they really do look like absolute fools.

11/04, 11:09 PM

posted by:

iwc5004

Need more oil for GM is the reason why his mamma should have swallowed. Oh well al least they have they single wide piece of sh*t rusty and falling apart chevy pickup truck..

11/05, 9:53 AM

posted by:

darkwingduck

As much as I like F1, I can’t deny right now it’s nothing but a money pit. It’s to bad they have to pull out because it takes competition away from other teams, regardless how bad or how good the team is. The same goes for Racing of all kinds ALMS, WRC, etc.

11/05, 6:12 PM

posted by:

1c3d0g

Pazzo Canguri: it never was a sport to begin with. It’s all fixed in the F1 world.

11/06, 8:09 AM

posted by:

Need more oil for GM

What’s good for General motors is good for America

 
 
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