• Dec 23rd 2008 at 7:58PM
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Toyota has reiterated its commitment to F1, in spite of its first annual operating loss since 1938. Said Toyota CEO Katsuake Watanabe of Toyota's F1 budget, still the largest in F1 at $445 million, "To keep it up at the current level is extremely difficult." Yet even with the loss, the global economic mess, the belt-tightening on the corporate side, and the fact that Toyota hasn't won a race in seven years, a Toyota spokesperson said, "We don't have anything to add to the statement we made on 5 December [committing to F1 after Honda's pullout -- Ed.] because the financial results don't change anything for us in the ­formula one team. Our situation has not changed." The FIA has suggested that next year's cost cutting measures will save teams 33% over their 2008 budgets. On top of that, Toyota is conducting its own cost cutting study to see what it can do over and above that. We have a feeling 2009 won't see Toyota on top of the big spenders list again.

[Source: The Guardian | Image: Clive Mason/Getty]


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  • 14 Comments
      • 6 Years Ago
      Thats the right attitude, a positive move from Toyota, we need to be positive and things will come back much quicker, its the only way forward...
        • 6 Years Ago
        +5


        Good for Toyota. Keep at it. :)



        Toyota.
      • 6 Years Ago
      Talk about throwing good money after bad.
      • 6 Years Ago
      I agree ... it is great news to see Toyota will continue participating in F1 - music to my ears.

      I also agree that Toyota has struggled in F1 but it goes to show thier determination in the most technologically advanced motorsport in the world.

      Last year they really started showing some potential and i believe Timo Glock will prove to be a real asset for the team and i wish them all the best of luck for the 2009 season.

      All-in-all ... keep up the good work Toyota - good to see.

      Oh yeah - i really enjoyed Toyota's solid run in NASCAR this year aswell with them winning 2 from 3 Manufactuer Titles ... Nationwide & Craftsman Trucks.

      I hope 2009 proves to be just as good.
      • 6 Years Ago
      Go Toyota! When you run your business right, you will have money left over for "fun things"
      • 6 Years Ago
      They've been heavily committed for years with no success. Isn't the economic downturn a good time (or excuse) for Toyota to leave F1 without worrying about saving face?
      • 6 Years Ago
      im glad toyota has kept at it. despite the hard economic times, big companies shouldnt be removing themselves from racing series'. i was very dissapointed to see honda pull out of F1, even if it was a smart business move. what needs to be done in times of crisis is that the governing body of F1 needs to make it cheaper for the manufacturers, rather than leaving them to just pull out. any true keynesian economist (keynesian economic theories got us out of the great depression mind you, google the word) will tell you that extreme spending cutback from the people who actually have the money during hard times is bad. we need companies like honda (and thankfully toyota in this case) to keep pumping money into the economy. obviously in cases like the big three, where they actually have no money, its different. but F1, and all the other race series' needed to make it easier for companies to stay on board, rather than watching honda leave F1, and watching subaru leave the WRC. im glad toyota is still putting the money in, because in the end, people spending money now will help the whole economy in the long run more than it will hurt companies and people in the short run
      • 6 Years Ago
      It's nice to see Toyota F1 keep a positive light in this recession. Even though they spend the most and don't really win any races, it'll still be nice to see them around during the 2009 season.
      FENNIX
      • 6 Years Ago
      so true, the more money added in, brings back spending, it's call tideing! Thank you Toyota, now lets hope you will win races. GM's problem is they still in the forties in their thinking. Toyota has always changed to the met the changing market. I still don't understand Subie & WRX, Fiji Heavy Industries is shipping equipment to China, India & South America, still operating at a profit, I'm very disappointed in them! Don't they know giving is better than recv'ing!
      • 6 Years Ago
      Good news for Toyota and all the haters have crawled back into their holes...no where to be found.
      • 6 Years Ago
      Question: with Honda no longer a part of F1 and Toyota pledging to stay, concurrently with Suzuka being owned by Honda and Fuji being owned by Toyota, can we expect the two circuits to switch Grands Prix year by year as previously stipulated or will we be stuck with more long straight and hairpin nonsense? As an aside: does Herman Tilke understand that those, lets go ahead and call them "wings", on the front and the back of the cars are designed to make cars perform better in the turns, or are we going to ignore the concept of aerodynamic drag as a byproduct of downforce and just watch circuits like Sepang and Fuji slowly turn the greatest motorsport on earth slowly turn to the illegitimate child of drag racing and NASCAR?
      • 6 Years Ago
      Utterly stupid. Utterly beautiful. OTOH, I hate anything to do with feathering He-Whose-Name-Will-Not-Be-Printed's nest.
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