Toyota confirm commitment to F1

Toyota have today made it clear they will not be following Honda out of Formula One.

Honda have been forced to pull out of the sport, citing the global credit crunch and a dramatic fall in road car sales as reasons behind their decision.

The question is now being asked whether another manufacturer will follow suit, and while Toyota have one of the biggest budgets in F1, they are prepared to cut their cloth accordingly.

“Honda’s decision is a pity for us as a Japanese team. However, we cannot comment more about their situation because this is an issue for Honda,” read a Toyota statement.

“Toyota is currently committed to succeeding in Formula One, and to reducing our costs.

“We are contributing to the FOTA (Formula One Teams’ Association) activities which will achieve significant cost reductions, whilst maintaining the spirit of the sport.

“We hope FOTA’s proposals and activities will be given the widespread support they deserve as they provide the sound, stable base Formula One requires at this time.”

Toyota have already implemented one cost-saving move by cancelling their traditional media gathering for the launch of their new car.

A launch will take place on January 15 for the 2009 model, but it will be strictly internet-based.