Toyota is pulling out of Formula One racing, the world's largest automaker announced Wednesday, saying it needs to cut costs and focus on its core business.
"Based on the current economic environment, we realize we have no choice but to withdraw from Formula One," Toyota president Akio Toyoda said at a news conference in Tokyo. "This has been a very painful decision for the company."
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Toyota made its F1 debut in 2002 but never won a grand prix. The team's best result was in 2005 when Jarno Trulli finished second in Malaysia and Bahrain.
Toyoda said the team's poor results were not a factor in the decision to leave the sport.
"Our decision would not have changed even if we had a victory," Toyoda said. "The fact that we are unable to give our drivers a chance to compete is very sad."
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