Posted AT 7:17 AM EST on 04/11/09
Toyota pulls out of Formula One
TOKYO — Toyota is pulling out of Formula One racing, the world's largest automaker announcing Wednesday that it needs to cut costs and focus on its core business.“Based on the current economic environment, we realize we have no choice but to withdraw from Formula One,” Toyota president Akio Toyoda said at a news conference. “This has been a very painful decision for the company.”Toyota follows Honda Motor Co.
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