Toyota has announced that it will be withdrawing from Formula One racing after rumours circulated that the world's largest automaker was considering the move. Toyota recently posted its worst ever financial loss.
Formula One now has no Japanese teams, with Honda withdrawing from the sport at the start of this year's season. Toyota cited "the current severe economic realities" for the decision. The team didn't win any of the races this year.
Bridgestone, a Japanese tyre company, also announced recently that it would not be renewing its deal with the sport of Formula One. Other auto companies hit by the economic crisis include Subaru and Suzuki, withdrawn from the WRC, and Kawasaki.
