Toyota leaving Formula 1!
by admin - November 4th, 2009. Filed under: formula 1.
Toyota shocked the Formula One community today announcing that they are withdrawing from Formula One citing profit losses and a need to re-focus on their core businesses needs. Toyota is the world’s largest auto manufacturer, and although there was talk of reviewing their commitment to the sport, it was still a shock to many of us. Earlier this year however the company reported significant operating losses in the region of 437 billion yen and further losses are expected to be reported later this week. The USA branch reported a 5.8 percent sales loss by volume for the month of October compared to last year, and declining sales are a trend most other manufacturers have reversed this year.
Check out this video for further information on this extremely dissapointing decision to all of us Formula 1 fans.
References
1. Google news
