Toyota Motor to pull out as host of Formula One race to cut costs
Tokyo, July 07:Toyota Motor Corporation’s Fuji International Speedway Co has decided not to host the Japanese Formula One Grand Prix race from 2010 onwards to save on costs, the company announced Tuesday.
“We decided it would be extremely difficult to continue holding the F1 Japanese Grand Prix … in view of sharply deteriorating business conditions and few signs of a rapid economic recovery,” Fuji International Speedway said in a statement.