In what is definitely another huge setback to Formula One, Toyota today will announce its withdrawal from the sport with immediate effect. This is the third manufacturer to drop out of Formula One in the last year, apart from Honda and BMW. This would leave Mercedes, Ferrari, Renault as the only car manufacturers in the sport.
Toyota were chasing Kimi Raikkonen in a bid to convince the Toyota board to keep them in F1 for another year. Raikkonen has set his sights on a McLaren seat and is not looking at any other team. However, due to the global economic situation, Toyota have decided to pull the plug on its F1 project. Toyota finished 5th in this years F1 championship with 5 podium finishes. However they have failed to win a race since joining F1 in 2002.
The Toyota drivers Jarno Trulli and Timo Glock were already told to look elsewhere for a drive for 2010. Toyota;s departure will pave the way for the the Qadbak backed BMW team to enter next year, with Ferrari engines.
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