Toyota has vowed to stay in Formula One despite forecasting an annual loss of £1.1bn. The carmaker said this week it was expecting to make its first loss since the 1930s and it was feared the F1 team would be binned as a result.
Honda has already left F1 because of the global economic crisis and other manufacturers were expected to follow. Toyota has committed to continue in F1 but admitted it would have to reduce costs.
Toyota Motor Corporation president Katsuaki Watanabe said: ‘We will continue F1 and other motorsport activities while cutting costs. To keep [spending] up at the current level is extremely difficult.’
The FIA has agreed key cost-cutting measures for the next two seasons to help ensure the future of the sport. The proposals include reducing engine revs to prolong the life of the units and reducing the cost of engines to independent teams.
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