Toyota joins F1 exodus

0 Comments | AFP, November, 2009

TOKYO (AFP) — Formula One was left reeling Wednesday as Toyota became the latest automaker to quit the glamour sport in response to the economic crisis, just days after tyre manufacturer Bridgestone pulled out.

Toyota said its decision to quit after this year's season, which ended Sunday in Abu Dhabi, reflected "the current severe economic realities."

Honda and Germany's BMW have already exited F1 to cope with the credit crunch. Toyota's withdrawal leaves no Japanese automaker left in the high-octane motorsport, raising fresh fears for its future.

The company said no decision had been made on whether to sell or disband the team, which has not won a Grand Prix since its 2002 debut on the F1 circuit and finished this season ranked fifth in the constructor...