Pull-out was unavoidable – Toyota

Date published : 04 Nov 2009 - 10:17:10

Toyota's decision to pull out of Formula 1 with immediate effect had become unavoidable in light of the worldwide economic problems, its company president Akio Toyoda has admitted.The Japanese firm announced that it was ending its eight-year involvement in the sport on Wednesday morning due to financial pressures, the world's biggest car company expecting to make further multi-billion dollar losses this year on the back of its first ever annual loss.Confirming its decision in a news conference in Tokyo, Toyoda said that the decision to quit F1 had been a tough one but that, after months of considerations, the time had come when it had to pull out."This was a difficult but ultimately unavoidable decision," Reuters quotes him as saying."Since last year with the worsening economic climate, we have been struggling with the question of whether to continue in F1."We are pulling out of Formula 1 completely.Toyoda also said sorry to Toyota's fans that it had been unable to deliver either race victories or the ultimate goal of the world championship in its 139 races.I offer my deepest apologies to Toyota's many fans for not being able to achieve the results we had targeted," he added.Toyota's 2009 season had turned out to be the carmaker's second most successful campaign, as it finished fifth in the constructors' championship and equalled the haul of five podium finishes it achieved in 2005 when it finished fourth in the overall standings.