Vehicle: 1985 500SEC, 1991 190E 2.6, bought 07/08 with 50k original miles.
Location: Los Angeles
Posts: 15,162
Toyota set to announce F1 future
Toyota set to announce F1 future
Tue, 03 Nov 08:09:52 2009
Toyota has scheduled 8 November to announce its plans about the 2010 Formula One season, it has emerged.
It was expected that the Japanese carmaker's decision about whether to continue funding its Cologne-based team would not be known until the much-vaunted Tokyo board meeting a week later.
Toyota's racing budgets are always approved in advance by the end-year board meeting, leaving some experts concerned that a separate announcement has been deemed necessary ahead of 2010.
The November 8 announcement was revealed by Germany's Auto Motor und Sport magazine, and the Independent newspaper in Britain also expects that "bad news" could be emanating from Toyota "later in the week".
"(Japanese) auto and auto-part makers are questioning what they can gain now by spending hundreds of millions of yen in taking part in Formula One," said Tatsuya Mizuno, an auto analyst at Mizuno Credit Advisory.
Should Toyota choose to withdraw, it would make room for Sauber, whose official application to race in 2010 will be automatically activated in the event of a vacancy.
However, it would be bad news for Kamui Kobayashi, the Japanese F1 rookie who has impressed Toyota with his two races in Brazil and Abu Dhabi.
The 23-year-old told reporters before leaving the Yas Marina Circuit that he has "no budget" to fall back on GP2 in 2010. "I would probably go back to Japan to maybe work with my father in his sushi restaurant, said Kobayashi. "It was like that two months ago."
Making sushi, racing Formula 1, what the hell's the difference.
I don't like the sounds of this early meeting. They are either trying to get the news out early so the drivers can make decisions or they are saying, "We've got a lot of heavy stuff on our agenda for the board meeting, let's get this F1 bullshit out of the way so we can focus on real business issues."
Toyota to quit F1 UPDATE This rumor is upgraded to 'strong.' According to the Mainichi Daily Newspaper from Japan, Toyota has decided that it will withdraw from Formula One. A meeting on 8 November was scheduled, but it appears that the board of directors have already decided against participation in 2010.
The newspaper reported: "Toyota Motor Corp., the world's largest car company with the biggest presence in motorsport has decided to withdraw from Formula One and not participate in 2010."
The newspaper also reports that several alternatives are being investigated to protect the employment of the member of the team, much like Honda did. It is thought that a transfer or a continued cooperation with Formula One of some sort is being looked into.
Vehicle: 1985 500SEC, 1991 190E 2.6, bought 07/08 with 50k original miles.
Location: Los Angeles
Posts: 15,162
UPDATE 1-Motor racing-Toyota to quit Formula one - report
UPDATE 1-Motor racing-Toyota to quit Formula one - report
Tue Nov 3, 2009 8:43pm EST
* Toyota to pull out of F1
* Possible legal ramifications (Adds background)
TOKYO, Nov 4 (Reuters) - Toyota Motor will announce on Wednesday a plan to pull out of Formula One racing after this year, Japan's Mainichi newspaper reported on Wednesday.
The reported withdrawal comes as the auto industry starts to stabilise after a sales crunch in the wake of the financial crisis.
If confirmed, Toyota's pullout would be another major blow for Formula One after Japan's number two carmaker Honda quit the series last December to cut costs.
It would also continue the drain of Japanese companies from motor sport, which has seen Subaru and Suzuki withdraw from the world rallying championship and bike maker Kawasaki scrap its MotoGP team in the grip of a severe market downturn.
Japanese tyremaker Bridgestone announced earlier this week they would not renew their tyre supply contract with Formula One after the 2010 season.
Toyota's Fuji International Speedway circuit in July gave up the hosting rights for the Japanese Grand Prix in 2010 and beyond to reduce costs amid the global economic downturn.
The pull-out of Japanese companies from F1 began with Honda-backed Super Aguri, who left for financial reasons early last year.
Toyota are the only remaining Japanese team in F1, but have no drivers signed for next season and were dropped as Williams' engine partner for 2010.
HUGE BUDGET
The world's biggest carmaker have failed to win a race since entering Formula One in 2002 despite an estimated annual budget of around $300 million.
Their departure from the sport would leave just three manufacturers -- Ferrari (FIAT), Mercedes and Renault. It would also open the door for BMW-Sauber's new Swiss owners to take their place as the 13th team on the grid.
Toyota signed the concorde agreement earlier this year committing themselves to F1 until at least 2012, so a pullout could also have legal ramifications.
The Yomiuri newspaper said Toyota has raised its global production plan for the year to March 2010 by 13 percent to about 7 million vehicles from 6.2 million units forecast in February.
Toyota has forecast an operating loss of 750 billion yen ($8.3 billion) on revenues of 16 trillion yen. It is scheduled to report second-quarter results on Thursday. ($1=90.36 Yen)
(Reporting by Yumiko Nishitani and Alastair Himmer; Editing by Ian Ransom)
Toyota signed the concorde agreement earlier this year committing themselves to F1 until at least 2012, so a pullout could also have legal ramifications.
$300,000,000 is quite a defense fund. Doubt the FIA would go beyond summary judgement.
It's official. Doesn't the guy at the top usually commit hara-kiri after a blunder this big?
Toyota confirms F1 quit decision (GMM) Toyota Motor Corporation confirmed officially on Wednesday its decision to pull out of formula one with immediate effect.
"Based on the current economic environment, we realize we have no choice but to withdraw," said the Japanese carmaker's president Akio Toyoda at a news conference in Tokyo.
"Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA Formula 1 world championship at the end of the 2009 season," said a Toyota statement.
"TMC, which had viewed its participation in F1 as contributing to the prosperity of automotive culture, remained dedicated to competing at the pinnacle of motor sports even in the face of the abrupt economic changes that started last year."
"TMC also wants to express its heartfelt gratitude to all Panasonic Toyota Racing drivers to date and to all Toyota Motorsport GmbH employees who have helped make the team's achievements possible," said the statement.
"TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause."
Toyota added that it would continue to use its F1 experience in "developing exciting production vehicles" and that it would remain involved in motor racing, albeit at a lower level.
"In motorsports, Toyota will not only race in various categories, but will also actively contribute to further development of motorsports by supporting grassroots races and planning events in which it is easy for people to participate."
"This was a difficult but ultimately unavoidable decision," Toyoda was quoted as saying by Reuters. "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.
"I offer my deepest apologies to Toyota's many fans for not being able to achieve the results we had targeted."
I'm not at all saddened by this and would quite frankly welcome the departure of the rest of the manufacturers as well. I'd love to see nothing but privateers running the teams, with room for manufacturers as nothing more than engine suppliers.
At least their departure makes room for Peter Sauber to get back into the game.
(GMM) F1 on Wednesday was left reeling from the loss of Toyota, but it was the best possible news for those at Sauber's Hinwil headquarters.
The collapse of a confirmed team for 2010 opens the door for the newly Qadbak-owned outfit in the wake of BMW's departure.
"We will be discussing the effect (of Toyota's departure) for the BMW-Sauber team with the FIA," team boss Mario Theissen is quoted as saying by the news agency SID.
The AutoGuide.com network consists of the largest network of enthusiast-owned enthusiast-operated automotive communities.
AutoGuide.com provides the latest car reviews, auto show coverage, new car prices, and automotive news. The AutoGuide network operates more than 100 automotive forums where our users consult peers for shopping information and advice, and share opinions as a community.
Linear Mode
