REPORT: Cost cutting leads Toyota to cease hosting Japanese Grand Prix
Toyota finances being what they are, the company is ruthlessly assessing its accounts and making cuts anywhere it deems appropriate. The latest head to roll is the Formula 1 race at Fuji Speedway, Toyota's own circuit. Opened in 1965 and host of the Japanese Grand Prix for the first time in 1976, Formula 1 returned to Fuji in 2007 and 2008, and was due again in 2010.
In spite of that, Toyota deemed the $20-to-$30 million dollars necessary to hold a Grand Prix -- a mere fraction of the money it spends on its F1 team – couldn't be justified. Said Hiroaki Kato, president of Fuji Speedway (above), trading conditions have made the race "extremely difficult."
This year's Japanese GP will be held at Honda's Suzuka as scheduled, but next year's race will need to be decided on. Honda has said it has no idea where the 2010 race will be held.
[Source: AFP via Google | Image: Yoshikazu Tsuno/Getty]
Reader Comments (Page 1 of 1)
psg 2:09PM (7/07/2009)
"This year's Japanese GP will be held at Honda's Motegi Ring as scheduled, but next year's race will need to be decided on. Honda has said it has no idea where the 2010 race will be held."
Suzuka, not Twin Ring Motegi.
Reply
Affalterbach 3:27PM (7/07/2009)
Wait, Honda who was so much in trouble, withdrew from F1 when they knew they had a great chance of winning, and were considering moving their headquarters out of Japan to save expenses, now will host the F1 championship???
I understand that the Japan GP has a contractual obligation to F1, but this is slightly confusing: why didn't they just bail out?
Greg 3:08PM (7/07/2009)
Is it just me or does that guy look like he needs to to the dentist.
Reply
Jake B 3:34PM (7/07/2009)
The guy needs a dentist like autoblog needs an edit system.
Fatoid 12:17PM (7/08/2009)
What? I though all you racing fans had checkered teeth.
dwightB 3:27PM (7/07/2009)
They use mummies for press conferences now? :-X
Reply
Dana 4:03PM (7/07/2009)
Its amazing how tight fisted AAA Japanese companies have become. Kinda reminds me how nintendo actually raised the price of Wii's in europe this year even though their profit margins were still through the roof. Greed is only aim now, the second profits are not as fat its time to go on a cutback frenzy.
Reply
tuna 4:28PM (7/07/2009)
What are you talking about? They've always been tight fisted. It's Japanese. Efficiency above all else.
tuna 4:27PM (7/07/2009)
Looking at the picture, I wonder "how many bottles of sake was that?"
Reply
hashiryu 5:45PM (7/07/2009)
So is it confirmed now that Fuji will not host 2010 or is this a continuation of the same story that has been circulating for 2 months?
Reply