FOTA and Cosworth regret Toyota’s departure

Cosworth expressed its sadness at the news of Toyota’s departure from Formula 1, claiming that this decision highlights the need for real cost reductions in the sport. The British engine manufacturer, Cosworth, is returning to F1 next year and will supply new teams such as Lotus, US F1, Campos, or Manor, as well as Williams. The latter terminated a contract with Toyota in advance to return to its former supplier Cosworth.

Toyota announced earlier today that it would leave F1 with immediate effect due to the global economic situation: « The decision by Toyota Motor Corporation to withdraw from Formula 1 with immediate effect is deeply regrettable but underlines the importance for all stakeholders in the sport to work together to ensure a profitable and sustainable future, » said Cosworth F1 boss Mark Gallagher.

« We look forward to working with the FIA, FOM, the commercial rights holder, the teams, and other engine manufacturers to safeguard the future of Formula 1. We must build on the very positive development of the sport in light of last Sunday with the Abu Dhabi Grand Prix. »

Moreover, John Howett, vice-president of the Formula One Teams Association (FOTA) and director of Toyota F1, states that he is sorry to see Toyota leaving Formula 1, but insists that the sport is still in a strong period. Toyota is the third manufacturer to withdraw in the last 12 months, following Honda and BMW.

« The Formula 1 Teams Association expresses its sadness over Toyota’s unexpected decision to withdraw, » states the communiqué. « All FOTA teams send sincere messages of goodwill to the entire Toyota team, the staff, the drivers, and the sponsors. We thank them all for the positive contribution they have made to Formula 1 in recent years. »

Unfortunately, despite Toyota’s commitment by signing the Concorde Agreements valid until 2012, particular financial pressures within the automotive industry have created conditions that have made it difficult for Toyota to be present in the sport at this time.

« We hope that Toyota will return in the not too distant future, but in the meantime, all efforts must be made by the sport’s management to ensure that the 2010 season is as successful as we all hope it will be. »

The statement adds that F1 must do everything possible to retain the remaining manufacturers: « We must remember that in 2010, there will be many more teams than any other year since 1995 and that our sport remains a hub of technological innovation. The departure of a major car manufacturer cannot be underestimated and its reasons must be addressed. »