November 4, 2009
Toyota pulls out of Formula One
In the wake of one of its more competitive seasons in Formula One, Toyota announced today it would no longer compete in the globetrotting racing series, The Los Angeles Times reports. The cost-cutting decision by the world's largest auto manufacturer comes after the company posted its largest financial loss in May. Toyota failed to win a grand prix in its eight seasons in Formula One and actually apologized to its fans for its limited success. Toyota's exit makes it the third auto manufacturer to leave the sport in less than a year. Last December, Toyota's Japanese rival, Honda, withdrew from F1. BMW competed in its final grand prix Sunday, and on Monday, Bridgestone announced it would no longer supply tires to the series after 2010.
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