Toyota considering quitting Formula One on cost grounds
A senior Toyota executive has said quitting Formula One racing is an option for the car maker, partly in view of the costs involved, Japanese media has reported.
"We need to turn it into an F1 where you don't need so much money," Toyota's team head Tadashi Yamashina said in Tokyo on Tuesday, according to the Yomiuri newspaper.
"We'll have to consider various issues while bearing in mind our ties with the main company," he added, referring to the team's owner, Toyota Motor Corp.
The Cologne-based Toyota team, who have yet to win a race since their debut in 2002 despite having an annual budget estimated at around $300m last year, has signed up to drive in the 2010 championship.
If Toyota leaves Formula One, it will follow the lead of Honda, which left the sport by selling its racing team to management. The renamed Brawn team has dramatically improved its form with its two drivers leading the 2009 standings, although a German auto magazine has reported it might end up three-quarters owned by Mercedes-Benz.