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Toyota are set to become the second manufacturer to pull out of Formula One this year, according to media reports.
Toyota are set to become the second manufacturer to pull out of Formula One this year, according to media reports.
Following BMW's decision to quit the sport at the conclusion of the 2009 season, the Japanese company is expected to announce its withdrawal with immediate effect.
Reports claim Toyota Motor Company's board of directors took the decision following an extraordinary meeting on Tuesday and will make an official announcement on Wednesday afternoon.
Toyota, the only Japanese automaker participating in F1 following Honda's withdrawal last year, is expected to post an operating loss for the six months ending in September and it hopes the move to pull out of F1 will help the company to slash costs drastically.
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