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post #1 of 2 (permalink) Old 03-16-2009, 01:10 PM Thread Starter
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Toyota F1 budget slashed

Toyota F1 budget slashed
“Next year we may have to cut costs further”
16/03/09 14:01

Pressure for the car-makers to cut costs
Toyota's F1 team may have survived the disquiet of the Tokyo board for now, but the budget has been drastically slashed, boss Tadashi Yamashina admitted on Monday.

The Japanese has been reported as revealing that Toyota Motor Corporation executives, spooked by the global recession, only agreed to keep the Cologne-based team alive due to the continuing support of title sponsor Panasonic.

Yamashina told the news agency Reuters: "Our Formula One budget was cut again and again from its original figure.”

"It was cut again after Honda's announcement they were leaving F1 and within a month the figure was reduced again after Toyota's end of yearly earnings target was revised.”

"I'm not able to put a figure on how much the budget was slashed but in all my time at Toyota I have never seen cuts like it," he said.

In a timely development, the team's TF109 has appeared highly competitive this winter, amid intense pressure from Toyota that the F1 project finally delivers victories.

"Winning and results are important," Yamashina admitted. "There are other factors too. It's a business and unless we make the team viable, next year we may have to cut costs further."

He acknowledged that cost savings will be found by reducing the number of staff.

"No matter how much we have to reduce the budget by or how far we have to downsize the team, that is what business people have to think about," said Yamashina.

Source: GMM
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post #2 of 2 (permalink) Old 03-16-2009, 02:17 PM Thread Starter
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F1: Toyota Considered F1 Future

F1: Toyota Considered F1 Future
Written by: SPEED Staff
03/16/2009 - 01:08 AM
Tokyo (JPN)

Executives of the Toyota Motor Corporation considered following fellow struggling Japanese carmaker Honda out of Formula One, a top chief of the Cologne based team has admitted.

Yamashina had to fight to ensure the Toyota board did not pull the plug on their F1 programme (LAT) » More Photos
The company, which is the world's largest car maker, announced in February that it expected to make a loss of around 450 billion yen in 2009 (US$4.5 billion), the first annual loss at Toyota in 70 years. That came in the aftermath of a 165 billion yen (US$1.7 billion) loss in the three months from October to December alone.

Tadashi Yamashina, team principal and chairman of the marque's motor racing arm Toyota Motorsport GmbH, told a news conference that the global financial crisis led Tokyo based officials to consider reducing costs by pulling out of the sport.

"I stressed again
and again in the company's executive board meetings there was no way we should pull out, although we have to drastically cut our costs," he is quoted as saying by the Yomiuri Shimbun newspaper.

"Obviously our negative business reports did cause some doubt."

A potential Toyota withdrawal would have had deeper repercussions than Honda's pullout, as Toyota also supply customer engines to the Williams team, and Yamashina said that Panasonic's decision to extend its contract as team title sponsor through to 2012 was instrumental.

"I was extremely happy that Panasonic decided to renew its contract with us even though they also had some financial trouble. Their understanding of what we are doing allowed us to keep racing," he admitted.
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