1. Welcome to TRD Forums! A community for Toyota, Lexus, and Scion Enthusiasts. To enjoy all the benefits of the site, we invite you to signup.

Despite downturn, Toyota re-commits to F1

Discussion in 'Auto News' started by Autoblog, Dec 23, 2008.

  1. Offline

    Autoblog Guest

    Message Count:
    0
    Likes Received:
    0
    Trophy Points:
    0
    Despite downturn, Toyota re-commits to F1

    Filed under: Motorsports, Toyota

    [IMG]

    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]Despite downturn, Toyota re-commits to F1 originally appeared on Autoblog on Tue, 23 Dec 2008 19:58:00 EST. Please see our terms for use of feeds.



    Read | Permalink | Email this | Comments

    More...
  2. Offline

    anguyen041 New Member

    Message Count:
    50
    Likes Received:
    0
    Trophy Points:
    0
    With the economic crisis and all, Toyota is the last company we need to worry about. Informative article though. Thanks!
  3. Offline

    Ares Active Member

    Message Count:
    2,217
    Likes Received:
    3
    Trophy Points:
    38
    Location:
    Houston TX
    maybe they are using the backing out of other companies to win the races... Less competitors = bigger chances of winning?

Share This Page