TOKYO: Toyota Motor Corp said on Wednesday it was pulling out of Formula One racing. Toyota, the world's largest car-maker, was the last Japanese team left in the sport following Honda's withdrawal last December to cut costs amid a severe market downturn.
Toyota's withdrawal comes as the auto industry starts to stabilise following a sales crunch in the wake of the financial crisis.
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Toyota's pullout is another major blow for Formula One after Japan's number two carmaker Honda quit the series last December to cut costs.
It would also continue the drain of Japanese companies from motor sport, which has seen Subaru and Suzuki withdraw from the world rallying championship and bike maker Kawasaki scrap its MotoGP team in the grip of a severe market downturn.
Japanese tyremaker Bridgestone announced on Monday they would not renew their supply contract with Formula One after the 2010 season.
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In July, Toyota's Fuji International Speedway circuit gave up the hosting rights for the Japanese Grand Prix in 2010 and beyond to reduce costs amid the global economic downturn.
The pull-out of Japanese companies from F1 began with Honda-backed Super Aguri, who left for financial reasons early last year.
