Toyota withdraws from Formula One

Close X

To Start receiving timely alerts please follow the below steps:

Click on the Menu icon of the browser, it opens up a list of options.
Click on the “Options ”, it opens up the settings page,
Here click on the “Privacy & Security” options listed on the left hand side of the page.
Scroll down the page to the “Permission” section .
Here click on the “Settings” tab of the Notification option.
A pop up will open with all listed sites, select the option “ALLOW“, for the respective site under the status head to allow the notification.
Once the changes is done, click on the “Save Changes” option to save the changes.

Tokyo, Nov 4: Toyota, the largest car manufacturer in the world, on Wednesday, Nov 4, announced it is pulling out of Formula One.

Addressing a news conference here, Akio Toyoda, company president said, "We are pulling out of Formula One completely. I offer my deepest apologies to Toyota's many fans for not being able to achieve the results we had targeted."

"Based on the current economic environment, we realize we have no choice but to withdraw from Formula One," Toyoda said.

"This was a difficult but ultimately unavoidable decision. Since 2008 with the worsening economic climate, we have been struggling with the question of whether to continue in F1," he added.

The world's largest car maker is now the third major manufacturer to withdraw from F1 in the space of 11 months after Honda and BMW.

OneIndia News

Story first published: Tuesday, August 22, 2017, 12:16 [IST]

Other articles published on Aug 22, 2017

Sporting Buzz

Toyota withdraws from Formula One