27 Nov 2008

Toyota scale back 2009 F1 launch to cut costs

7:32 am on 27 November 2008

Toyota has scaled back the launch of its 2009 Formula One car as part of cost-cutting measures.

Instead of a formal launch at the team's Cologne factory, studio images of the new TF109 car will be unveiled through the internet on January 15.

Toyota says the car will start testing on January 20 at the new Algarve circuit in southern Portugal.

The world's biggest car maker has spent billions of dollars in Formula One since the team's debut in 2002 but is suffering along with other manufacturers from slumping global sales..

Toyota Motor Corporation has had ts top-notch credit ratings cut for the first time in a decade, hitting its shares and raising borrowing costs.