Toyota bites the dust
Filed under: Formula 1
07 November 2009
Shocking news that will shock many F1 supporters is that automaker, Toyota Motor Corporation have announced its immediate withdrawal from Formula One.
The decision once again has caught Formula One by surprise, with the team signing the 2009 Concorde Agreement, about the future of the sport it was therefore widely assumed that the Toyota team would be fully committed to Formula One until the end of 2012.
The company president Akio Toyoda told the press the TMC would withdraw from Formula One because they needed to cut the costs and needed to focus on its core business, and added that this was a very painful decision for the company.