REPORT: Cost cutting leads Toyota to cease hosting Japanese Grand Prix

REPORT: Cost cutting leads Toyota to cease hosting Japanese Grand Prix

Filed under: Motorsports, Toyota



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]REPORT: Cost cutting leads Toyota to cease hosting Japanese Grand Prix originally appeared on Autoblog on Tue, 07 Jul 2009 14:00:00 EST. Please see our terms for use of feeds.



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