Toyota's $2.4 billion F1 racing failure causes executive to cry in public

Buick61 · 11-04-2009, 10:23 AM

Toyota pulls out of Formula One
Automotive News

TOKYO (Reuters) -- Toyota Motor Corp. withdrew from Formula One today, leaving Japan without a team in motorsport's premier series.

Company President Akio Toyoda apologized for the team's failure to record a single race victory since joining F1 in 2002 despite an estimated annual budget of around $300 million.

"This was a difficult but ultimately unavoidable decision," he told a news conference in Tokyo. "Since last year with the worsening economic climate, we have been struggling with the question of whether to continue in F1.

"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."

The decision by the world's largest carmaker to pull out of Formula One comes as the auto industry starts to stabilize following a sales crunch in the wake of the financial crisis.

In July, Toyota's Fuji International Speedway circuit surrendered hosting rights for the Japanese Grand Prix in 2010 and beyond to reduce costs amid the global economic downturn.

Toyota's exit leaves just three manufacturers in Formula One -- Ferrari (FIAT), Mercedes and Renault.

Toyota signed an agreement earlier this year committing to F1 until at least 2012, so a pullout could also have legal ramifications.

Toyota has forecast an operating loss of 750 billion yen ($8.3 billion) on revenues of 16 trillion yen. It is scheduled to report second-quarter results on Thursday.

dindak · 11-04-2009, 10:34 AM

At a hastily arranged press conference this evening in Tokyo, Toyota CEO Akio Toyoda announced that the carmaker is the latest big player to quit Formula One motorsport. Toyota, which competed in 139 races after entering the sport in 2002, recording no wins, will quit immediately. Toyoda said the company will also stop providing engines to the Williams team. “It’s a complete withdrawal,” he said, citing the “the current severe economic realities”. Toyota follows Honda, which quit F1 last December, and BMW which entered its final race on Nov. 1 in Abu Dhabi. On Nov. 2, Japanese tire-maker Bridgestone said it would pull also out of the sport, saving $100 million a year.

http://www.businessweek.com/autos/au...yota_quit.html

FenwickHockey65 · 11-04-2009, 10:51 AM

http://abcnews.go.com/video/playerindex?id=8990979

Damn. Toyota's on a roll with epic failures lately.

Good riddance.

Prince Valiant · 11-04-2009, 10:59 AM

He should have publicly committed seppuku.

Tre-Tre · 11-04-2009, 10:59 AM

Toyota moving forward!!

Saturn69 · 11-04-2009, 11:02 AM

Quote:

Originally Posted by FenwickHockey65

http://abcnews.go.com/video/playerindex?id=8990979

Damn. Toyota's on a roll with epic failures lately.

Good riddance.

Careful, someone will criticize you for picking on poor wittle Toyota.....which is good cuz then we'll know who the fanboys are and we can all pounce on 'em!

I hate Toyota. Their smugness is matched only by their boring appliances.

Xenon · 11-04-2009, 11:03 AM

An executive hat actually cares about his company, that a first.

rsbaker · 11-04-2009, 11:03 AM

Quote:

Originally Posted by FenwickHockey65

http://abcnews.go.com/video/playerindex?id=8990979

Damn. Toyota's on a roll with epic failures lately.

Good riddance.

It is really astonishing to see!

Xenon · 11-04-2009, 11:04 AM

Quote:

Originally Posted by FenwickHockey65

http://abcnews.go.com/video/playerindex?id=8990979

Damn. Toyota's on a roll with epic failures lately.

Good riddance.

Beats being on a goverment bailout...

DaJudge · 11-04-2009, 11:07 AM

Wow, I'm deeply saddend.

How long before we don't have to see that lovely camry pace car anymore? What are they spending on NASCAR?

2648562 · 11-04-2009, 11:12 AM

Quote:

Originally Posted by Xenon

An executive hat actually cares about his company, that a first.

As much as I dislike Toyota, and what they build, I've got to admire their executives. Imagine if Wagoner and his predecessors cared that deeply...

gopedxr7 · 11-04-2009, 11:13 AM

i dont know whats worse a camry pace car or a impala pace car

i am amazed the guy cried.

Alan

DarkKnight67 · 11-04-2009, 11:17 AM

Quote:

Originally Posted by FenwickHockey65

http://abcnews.go.com/video/playerindex?id=8990979

Damn. Toyota's on a roll with epic failures lately.

Good riddance.

You are so right - I truly enjoyed this segment of the news last night. For once, someone stepped up and decried their ability to throw the blame on others.

**nsap** · 11-04-2009, 11:18 AM

Eh. The guy has a lot to cry about. The F1 waste, the floor-mat debacle/recall, flat sales when GM/Ford were up, decreased U.S. market share, first loss in 70 years, and declining public perception.

Saturn69 · 11-04-2009, 11:20 AM

Quote:

Originally Posted by Xenon

Beats being on a goverment bailout...

No, it doesn't.

Oh, wait...did you mean the bailout the Japanese Government gave to Toyota to keep there operations here running?

11-04-2009, 10:23 AM	#1 (permalink)
Buick61 Chevrolet VOLT Join Date: Dec 2003 Posts: 10,939	Toyota's $2.4 billion F1 racing failure causes executive to cry in public Toyota pulls out of Formula One Automotive News TOKYO (Reuters) -- Toyota Motor Corp. withdrew from Formula One today, leaving Japan without a team in motorsport's premier series. Company President Akio Toyoda apologized for the team's failure to record a single race victory since joining F1 in 2002 despite an estimated annual budget of around $300 million. "This was a difficult but ultimately unavoidable decision," he told a news conference in Tokyo. "Since last year with the worsening economic climate, we have been struggling with the question of whether to continue in F1. "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." The decision by the world's largest carmaker to pull out of Formula One comes as the auto industry starts to stabilize following a sales crunch in the wake of the financial crisis. In July, Toyota's Fuji International Speedway circuit surrendered hosting rights for the Japanese Grand Prix in 2010 and beyond to reduce costs amid the global economic downturn. Toyota's exit leaves just three manufacturers in Formula One -- Ferrari (FIAT), Mercedes and Renault. Toyota signed an agreement earlier this year committing to F1 until at least 2012, so a pullout could also have legal ramifications. Toyota has forecast an operating loss of 750 billion yen ($8.3 billion) on revenues of 16 trillion yen. It is scheduled to report second-quarter results on Thursday. Last edited by Buick61 : 11-04-2009 at 10:35 AM.

11-04-2009, 10:34 AM	#2 (permalink)
dindak 6.2 Liter LS3 V8 Join Date: Jan 2004 Location: Toronto area Drives: 2008 Chevrolet Malibu LT2 V6 / 2008 Montana SV6 Posts: 3,255	Toyota pulls out of F1 racing At a hastily arranged press conference this evening in Tokyo, Toyota CEO Akio Toyoda announced that the carmaker is the latest big player to quit Formula One motorsport. Toyota, which competed in 139 races after entering the sport in 2002, recording no wins, will quit immediately. Toyoda said the company will also stop providing engines to the Williams team. “It’s a complete withdrawal,” he said, citing the “the current severe economic realities”. Toyota follows Honda, which quit F1 last December, and BMW which entered its final race on Nov. 1 in Abu Dhabi. On Nov. 2, Japanese tire-maker Bridgestone said it would pull also out of the sport, saving $100 million a year. http://www.businessweek.com/autos/au...yota_quit.html

11-04-2009, 10:51 AM	#3 (permalink)
FenwickHockey65 News Contributor Join Date: Dec 2007 Location: West Chester, OH Drives: Chevrolet Malibu LS, GMC Envoy SLE, GMC Sonoma SLS Posts: 9,278	Re: Toyota's $2.4 billion F1 racing failure causes executive to cry in public http://abcnews.go.com/video/playerindex?id=8990979 Damn. Toyota's on a roll with epic failures lately. Good riddance. __________________ Proud to drive American. Proud to drive GM. Current Cars: 2007 Chevrolet Malibu LS: 2.2L ECOTEC I-4 2003 GMC Envoy SLE: 4.2L Vortec 4200 I-6 1998 GMC Sonoma SLS Ext. Cab: 4.3L Vortec 4300 V6 Former Cars: 1993 Saturn SW2 (1993-2006, 243,000 miles) 1989 GMC Safari SLT (1989-2003, 293,000 miles) Future Car: 2010 Chevrolet Camaro 2LT RS: 3.6L SIDI High-Feature V6

11-04-2009, 10:59 AM	#4 (permalink)
Prince Valiant 1.8 Liter ECOTEC Join Date: Jan 2009 Posts: 52	Re: Toyota's $2.4 billion F1 racing failure causes executive to cry in public He should have publicly committed seppuku. __________________ 1968 Dodge Coronet 2001 Honda Insight 2005 Pontiac Vibe 1989 Shelby CSX #500/500

11-04-2009, 10:59 AM	#5 (permalink)
Tre-Tre 1.8 Liter ECOTEC Join Date: Sep 2006 Location: Great White North Canada Drives: 2002 Pontiac Sunfire SE 2 Door Posts: 56	Re: Toyota's $2.4 billion F1 racing failure causes executive to cry in public Toyota moving forward!!

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11-04-2009, 11:03 AM	#7 (permalink)
Xenon 6.2 Liter LS9 Supercharged V8 Join Date: Mar 2006 Location: California Posts: 5,840	Re: Toyota's $2.4 billion F1 racing failure causes executive to cry in public An executive hat actually cares about his company, that a first. __________________

11-04-2009, 11:07 AM	#10 (permalink)
DaJudge 1.4 Liter Turbocharged ECOTEC Join Date: Mar 2003 Location: Dallas, TX Drives: 1970 GTO Judge 2004 GTO 2006 Go Mango Daytona Posts: 62	Re: Toyota's $2.4 billion F1 racing failure causes executive to cry in public Wow, I'm deeply saddend. How long before we don't have to see that lovely camry pace car anymore? What are they spending on NASCAR?

11-04-2009, 11:13 AM	#12 (permalink)
gopedxr7 2.4 Liter SIDI ECOTEC Join Date: Jan 2003 Location: Long Island, New York Posts: 467	Re: Toyota's $2.4 billion F1 racing failure causes executive to cry in public i dont know whats worse a camry pace car or a impala pace car i am amazed the guy cried. Alan __________________ 2003 Impala LS 2004 Monte Carlo LS 2005 Trailblazer LS 1996 Plymouth Grand Voyager SE

11-04-2009, 11:18 AM	#14 (permalink)
nsap Editor-in-Chief Join Date: Jan 2003 Drives: 2009.5 Pontiac G8 GT Posts: 17,720	Re: Toyota's $2.4 billion F1 racing failure causes executive to cry in public Eh. The guy has a lot to cry about. The F1 waste, the floor-mat debacle/recall, flat sales when GM/Ford were up, decreased U.S. market share, first loss in 70 years, and declining public perception. __________________ Get the latest news from GMI...Join the "GMInsidenews.com Facebook Page!! Follow me on TWITTER E-Mail Me

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