Toyota Backs Out Of The Formula One

Formula 1 | Dean | November 5, 2009 at 01:19

Toyota has announced that they will quit the Forumla One. “Based on the current economic environment, we realise we have no choice but to withdraw,” said the Japanese carmaker’s president Akio Toyoda at a news conference in Tokyo.

Timo Glock, a current Toyota F1 driver will move over towards the Renault team, where he will race alongside Robert Kubica.

It was said that the Toyota quit might breach the 2012 Concorde Agreement, and we quote: “It’s signed by Toyota Motor Company so I very much doubt they would not go through with something they have already signed,” he said. “They are not the sort of people to back out of a deal like that.”

When asked about legal action regarding the quit, Eccelstone said, “I have no idea. It’s not the sort of thing we do is it?”