Japanese press reports Toyota F1 withdrawal

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."

President Akio Toyoda will formally open a four-day meeting of the board tomorrow. It is believed from several sources of the newspaper that a decision is already set about the Formula One team operations.

Toyota is already racing in Formula One since 2002 and entered after a full year of preparation and testing, only to find itself in a struggle for points. The initial was back then to at least run until the end of 2012 but the recent economic downturn makes this expense difficult. Toyota is expected to have 2 consecutive years of financial losses.

Along with Honda's pull out last year, Toyota would leave a Japanese void in Formula One.

The newspaper also reports that several alternatives are being investigated to protect the employment of the member of the team. It is thought that a transfer or a continued cooperation with Formula One of some sort is being looked into.