Toyota confirms its presence in F1
From Japan, the top executives of automaker Toyota have committed to keeping their Formula 1 team despite the automotive giant forecasting a record operating loss at the beginning of the year. Indeed, the deficit would be 1.7 billion dollars (more than 1.2 billion euros) in the first quarter of 2009. Inevitably, doubts about the future […]
From Japan, the top executives of automaker Toyota have committed to keeping their Formula 1 team despite the automotive giant forecasting a record operating loss at the beginning of the year.
Indeed, the deficit would be 1.7 billion dollars (more than 1.2 billion euros) in the first quarter of 2009. Inevitably, doubts about the future of the Japanese team spread as Honda decided to withdraw from the sport.
But the message from Toyota’s management was clear: The company does not question its participation in F1 even if its budget will be considerably reduced.
Katsuaki Watanabe, president of Toyota Motor Corporation, stated that the situation regarding Toyota car sales is seen only once in a lifetime but that this situation does not justify a withdrawal from F1.
« The change in the global economy is of a scale that occurs once every hundred years, » he stated at a press conference in Nagoya, near Toyota headquarters. « We are facing an unprecedented emergency. »
Speaking about the impact the financial situation could have on its motorsport program, Watanabe stated: « We are continuing F1 and other motorsport activities while reducing costs. »
Watanabe’s comments echoed the opinion expressed by Toyota team president John Howett, who lamented a difficult financial situation at a time when some teams cannot face it.
« It is evident that the teams present in motorsport but also in all sports must face financial turmoil. This situation affects the management of their affairs, » he admitted on BBC Radio 5 Live.
