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Toyota Motor to pull out as host of Formula One race to cut costs
Jul 7, 2009, 7:21 GMT
Tokyo - Toyota Motor Corporation's Fuji International Speedway Co has decided not to host the Japanese Formula One Grand Prix race from 2010 onwards to save on costs, the company announced Tuesday.
'We decided it would be extremely difficult to continue holding the F1 Japanese Grand Prix ... in view of sharply deteriorating business conditions and few signs of a rapid economic recovery,' Fuji International Speedway said in a statement.
The leading Japanese automaker said it expected its annual net loss to rise to 550 billion yen (5.2 billion dollars) and an operating loss of 850 billion yen for the current business year that began in April.
Fuji International Speedway and Honda Motor Company's Suzuka Circuit in the western Mie prefecture had agreed to alternately host the annual Japanese GP.
The Suzuka circuit is set to host this year's race in October. It also staged the Japanese GP 1987-2006.
Honda Motor Co withdrew its team from F1 in December, and Suzuki Motor Corp and Subaru-brand maker Fuji Heavy Industries Ltd also pulled out of the FIA World Rally Championship.
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