5 Nov 2009

Toyota joins F1 exodus

6:23 am on 5 November 2009

Formula One has taken another body blow with Toyota becoming the latest car maker to quit motorsport.

Toyota's announcement comes only days after tyre maker Bridgestone pulled out of formula one which is left without a Japanese car maker.

Company president Akio Toyoda apologised for the team's failure to win a single race since joining formula one in 2002, despite an estimated annual budget of around 430 million dollars.

Suzuki and Subaru meanwhile have withdrawn from the world rally championship, while motorcycle maker Kawasaki have exited the MotoGP and Mitsubishi are quitting the Dakar Rally despite a dozen victories.