Toyota says its future in Formula One is unclear

The Associated Press

TOKYO — The Toyota Formula One team says its continued participation in the sport is still unclear and is dependent upon the financial performance of its parent company and cost reductions in F1.

Enlarge photo

Toyota drivers, Timo Glock of Germany, center, and Kamui Kobayashi of Japan, right, pose with Toyota Motor Corp. senior managing director Tadashi Yamashita during a press conference in Tokyo Tuesday, Sept. 29, 2009 ahead of Sunday's Formula One Japan Grand Prix at Suzuka Circuit, central Japan. (AP Photo/Koji Sasahara)

Enlarge photo

Toyota driver Timo Glock of Germany poses as he is surrounded by photographers and reporters during a press conference in Tokyo Tuesday, Sept. 29, 2009 ahead of Sunday's Formula One Japan Grand Prix at Suzuka Circuit, central Japan. (AP Photo/Koji Sasahara)

Enlarge photo

Toyota drivers, Timo Glock of Germany, left, and Kamui Kobayashi of Japan, smile during a press conference in Tokyo Tuesday, Sept. 29, 2009 ahead of Sunday's Formula One Japan Grand Prix at Suzuka Circuit, central Japan. (AP Photo/Koji Sasahara)

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Toyota's future in F1 has been in doubt since the onset of the global economic downturn, which forced both the Honda and BMW teams to announce withdrawals.

"We will participate for now," team principal Tadashi Yamashina was quoted as saying by the Yomiuri newspaper on Wednesday.

Toyota had been in Formula One as a team since 2002, and was a signatory to the latest Concorde Agreement which governs the terms of the sport and revenue distribution through the end of 2012.

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September 30, 2009 05:10 AM EDT

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