Toyota to pull out of F1: reports

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Tokyo: Toyota's exit from Formula One racing is imminent, Japanese media reported Wednesday. Toyota was widely expected to follow Honda as the second major Japanese automaker to withdraw from the sport. Honda pulled out last December, citing a slowdown in the global economy. Brawn GP, which took over the old Honda team, won the 2009 F1 championship.

Toyota, the world's largest automaker, is seeking to cut costs as it expects to post an operating loss for the six months ended Sept. 30. It is due to report earnings Thursday.

The company posted its worst ever loss in the financial year ended March.

Japanese newspaper Mainichi reported Toyota's expected F1 exit early Wednesday, and the Kyodo news agency later cited unnamed sources close to the situation as saying Toyota Motor Corp. would withdraw from F1.

The company has not confirmed the reports, and has scheduled a news conference for 5 p.m. local time (0800 GMT) at its Tokyo headquarters with Toyota president Akio Toyoda and Tadashi Yamashina, senior managing director of Toyota motorsports activity.

Earlier, a Toyota spokeswoman said she would investigate the local media reports.

On Monday, Japanese tire manufacturer Bridgestone announced it would not renew its exclusive deal to supply tires for F1 when its contract expires in 2010.

That announcement came one day after the 2009 F1 season concluded with the Abu Dhabi GP.

In July, Toyota-owned Fuji International Speedway announced it would not host the Japanese F1 Grand Prix from 2010 and beyond amid the faltering global economy.

Fellow Japanese auto makers Subaru and Suzuki pulled out of the World Rally Championship ahead of this season, citing concerns about the global economic crisis.

Toyota made its F1 debut in 2002 but has never won a grand prix. The team's best result was in 2005 when Jarno Trulli finished second in Malaysia and Bahrain.

Despite a promising start to the 2009 season, Toyota finished fifth in the constructors' standings. Trulli and Timo Glock raced for Toyota this season. Trulli finished eighth in the driver standings and Glock was 10th.