It was rumoured for a couple of days but today Toyota announced their shock withdrawal from Formula 1. It seems that F1 is a luxury Toyota can no longer afford in the global financial situation. The Toyota boss Akio Toyoda told a press conference in Tokyo: “This was a difficult but ultimately unavoidable decision. Since [...]

The Japanese newspaper the Mainichi Daily News is reporting that Toyota will withdraw from F1 for the 2010 season. The team are set to follow other Japanese companies Honda (who are now Brawn GP) and Bridgestone who will stop supplying tyres to F1 following next years 2010 season. The newspaper is citing the global financial [...]