Reduced budget for Toyota

Toyota Motorsport president John Howett has revealed that the Formula 1 squad has had its budget reduced for 2004, and has suggested that claims the Japanese manufacturer is spending more than any other grand prix team are not to be believed

Toyota's budget has been estimated as high as £200million to fulfill its aim of challenging for the Formula 1 World championship, but Howett has denied that there is a free-spending culture at the Cologne-based outfit.

"The name Toyota is synonymous with lean operations," said Howett at the launch of the TF104. "We operated comfortably within last year's budget, and this year's budget is actually lower. But we do aim to be a top team, so we have a top team's budget. But it is not as large as people may think.

"Toyota's Formula 1 activities are unique in that we have decided to create our own F1 car under one roof using our own technology and ability. This is certainly not the easiest route, but one that will deliver maximum long-term benefits for Toyota.

"The meticulous application of the Toyota culture and principles have been fundamental in getting us to where we are today, and I believe that we will significantly raise our performance level in 2004 to get closer towards the top teams."