Toyota annouce withdrawal from F1

Japanese car giant Toyota is following its top competitor out of Formula 1. After a season that saw Honda pull out of the F-1 lineup, Toyota announced it is also driving away from the world's top motorsports series on Wednesday.

The unexpected decision comes as the Japanese marque attempts to cut costs and focus on its core business of making automobiles. The company posted its worst ever loss in the financial year ending March 2009.The move follows the Honda Motor Company's decision to quit F1 in December 2008. Toyota made its F1 debut in 2002 but has never won a grand prix. Despite a promising start to the 2009 season, Toyota finished fifth in the constructors standings with drivers Jarno Trulli and Timo Glock eighth and tenth in the driver standings respectively. The shock withdrawal also means that for the first time in eight years, there'll be no Japanese owned team on the F1 grid. Team boss Tadashi Yamashina showed that Toyota's departure was obviously an emotional one.

Tadashi Yamashina, the head of Toyota's F1 team, says, "As regards the two drivers we have trained up until now. If possible we hope to transfer them to some other team."