Toyota latest to join Formula One exodus

TOKYO: Formula One was left reeling yesterday as Toyota became the latest automaker to quit the glamor sport in response to the economic crisis, just days after tire manufacturer Bridgestone pulled out.

Toyota said the decision to quit after this year's season, which ended on Sunday in Abu Dhabi, reflected "the current severe economic realities."

Honda and Germany's BMW have already exited F1 to cope with the credit crunch. Toyota's withdrawal leaves no Japanese automaker left in the high-octane motorsport, raising fresh fears for its future.