On Wednesday, struggling with losses and declining car sales in the U. S. and other major markets, Toyota Motor Corp is furthermore scheduling to leave Formula One (F1) racing.

Subsequent to minimize the anticipated operating loss of 750 billion yen ($8.3 billion) on revenues of 16 trillion yen, Toyota's strategy to suspend F1 involvement is expected to hurt the future of Formula One yet again. Japan's other two automobile giants BMW AG and Honda quit the series last December to cut costs.

The continuous suspension of the Japanese companies from Motor sports, directs Toyota to be the solitary enduring Japanese team in FI. Yet, the automaker was crashed as Williams' engine partner for 2010 and subsequently does not have any drivers signed for the next season.

With a trauma of an annual budget of $300 million in F1, Toyota would forget the accord of dedication until 2012 and thus would funnel remaining Ferrari (FIAT), Mercedes and Renault in the race; leading to the other new Swiss owners to take their place as the 13th team on the grid.

Toyota will quit the racing series because it believes it won't be profitable for another year, and hence furthermore decides to raise its global production plan for the year to March 2010 by 13 percent to about 7 million vehicles from 6.2 million units forecast in February.