TOYOTA Motor Corp president Akio Toyoda believes he has betrayed the team's fans after making the painful decision to axe the Formula 1 operation.
Toyoda, the grandson of the company's founder, insists he had to act for financial reasons, notably after Toyota announced the biggest loss in its history in March. The world's largest car maker is now the third major manufacturer to withdraw from F1
in the space of 11 months after Honda and BMW.
Toyota's departure continues the exodus of Japanese companies from motor sport as Subaru and Suzuki withdrew from the World Rally Championship prior to this season. In motorbikes, Kawasaki pulled out of MotoGP, while on Monday, tyre manufacturer Bridgestone announced it will not be renewing its supply contract in F1 after next season.
"Toyota Racing took part in 140 races and surely developed their ability one race after another," said Toyoda in a media conference in Tokyo. "I would like to show my respect to their hard work in the competitions against top teams in the world. I would like to express my gratitude from my heart for sharing the dreams with them.
"I myself support motor sports, and have worked hard to make motor sports a part of motor culture. However, after taking the presidency in June, my situation has changed and I hope you can understand that.
"Since the economic crisis last year, we have discussed within our company whether we should continue in F1 or not, and our F1 team worked on the cost cutting. We have worked on all kinds of things. After the final race finished (Sunday's Abu Dhabi Grand Prix], we held an extraordinary board meeting and came to the conclusion we had to decide to withdraw. Betraying the fans was a hard thing to do, and I was the one who made the final decision."
Speculation surrounding Toyota's future was rife throughout the year, in particular after the parent company's financial results were aired.
However, Toyota signed a new Concorde Agreement with motor sport's governing body, the FIA, over the summer tying it to F1 through to 2012. It appeared at that stage any doubts as to its future had been erased. But it is clear Toyota finds the penalties it is are likely to incur, and the cost of redundancies for the 650 staff at its Cologne factory a less painful financial pill to swallow.
Toyota will retain a presence in other forms of motorsport, but as Toyoda confirmed: "It's a complete withdrawal from F1. When I said a year ago we would continue, I had a serious intention to pursue that. However, after making efforts over the last year, we've reached this decision. As to other international races, we will continue with those we are taking part in at the moment."
Toyota's departure in theory opens the door for Sauber to take up the now vacant 13th position on the grid.
But last night F1's governing body insisted it will review the legality of Toyota's exit. The FIA said that since the Japanese team's announcement comes only weeks after it committed to the sport through 2012, it will seek "urgent clarification" as to the team's "legal position" in the F1 championship. "This will have a direct bearing on the admission of any future 13th entry," the FIA said in the statement.
Following a strong start to the season, Toyota went on to finish fifth in this year's constructors' championship. However, since its arrival in F1 in 2002 it failed to win a grand prix in 140 attempts, with the team's best result the back-to-back second places by Jarno Trulli in Malaysia and Bahrain in 2005. It leaves drivers Trulli, Timo Glock and Kamui Kobayashi in limbo, although it was expected neither the veteran Italian nor the German would be re-signed.
Just three manufacturers now remain in F1 – Ferrari, Mercedes-Benz and Renault – with the focus likely to switch to the latter in light of its previously precarious circumstances.
