First ever operating loss for Toyota

The world's biggest car maker, Toyota, has forecast its first ever operating loss and this due to the decrease of car sales across the world. The loss, which is expected to be $1.7 billion, comes after a year where Toyota made a record profit of $25.2 billion.

John Howett is not concerned about the situation and the future of the F1 team as the Japanese manufacturer insisted once more that it remains committed to the pinnacle of motorsport. He declared to 'BBC Radio 5 Live': "Clearly I guess everybody, not only motorsport teams but in all sports, faced with the financial turmoil at the moment, is managing their business correctly , but I don't think we are living hand-in-mouth or from day-to-day."

"I think it is a very pragmatic approach that will allow all teams to reduce costs significantly, the DNA of F1 is retained and the intention of FOTA is to continue in the early part of next year once the initial wave of improvements have been introduced to look at further changes."