The future of Toyota in Formula 1 remains uncertain

It seems that Toyota’s future in Formula 1 is not guaranteed. The signing of the 2010 budgets by the team has been postponed to later this year. Although the Japanese automaker has signed the Concorde Agreements, which, in theory, commit it to F1 until the end of 2012, it is said that the team has not yet officially signed off and validated its finances for the next season.

The president of Toyota F1, John Howett confirmed this delay and stated that the global economic slowdown affecting the car manufacturer is now putting strong pressure to reduce costs: “We have presented the budget, and due to the economic situation, the Toyota group wants to wait for the results of the first half of the current fiscal year before signing. Honestly, there is strong pressure on the budgets.”

A board meeting in Japan is expected to be held in mid-November during which budgets will be discussed. This means a firm decision on the F1 plans is not expected before the end of the year. This situation has prompted rumors to spread in the Valencia paddocks that Toyota might announce its withdrawal by next spring, just as Honda and BMW have done previously.

These rumors intensified as Toyota driver Jarno Trulli stated in Valencia that another car manufacturer might leave the sport: “With this economic crisis, nothing is certain,” affirmed the Italian, whose contract negotiations with Toyota for next year are at a deadlock. “If you look at the last year, it’s a disaster. Honda is out, BMW is out, and they probably won’t be the only ones.”

« I think that we can expect anything. Nothing is certain at the moment, because there are many things happening, and from one day to the next the situation changes. » He added: « You need to wait because no one knows what Toyota can do for next year. Everyone has probably signed the Concorde Agreements, but I think anything can happen. »