Panasonic Toyota Racing was a Formula One team owned by the Japanese automobile manufacturer Toyota Motor Corporation and based in Cologne, Germany. Toyota announced their plans to participate in Formula One in 1999, and after extensive testing with their initial car, dubbed the TF101, the team made their debut in 2002. The new team grew from Toyota's long-standing Toyota Motorsport GmbH organisation, which had previously competed in the World Rally Championship and the 24 Hours of Le Mans. Despite a point in their first-ever race, Toyota never won a Grand Prix, their best finish being 2nd position, which they achieved five times.