Toyota committed to Formula One

Toyota, who haven't won a Grand Prix since joining the sport in 2002, issued a statement this afternoon underlining that there are no plans to follow their fellow Japanese manufacturer out of F1.

The statement also emphasised the team's desire to see cost-cutting measures be pushed through in order to ensure the long-term health of the sport.

"Toyota is currently committed to succeeding in Formula One and to reducing our costs," said the statement. "We are contributing to the FOTA activities which will achieve significant cost reductions whilst maintaining the spirit of the sport.

"We hope FOTA's proposals and activities will be given the widespread support they deserve as they provide the sound, stable base Formula One requires at this time."

Toyota also expressed disappointment that Honda had opted to withdraw from the sport, leaving it as the sole remaining Japanese manufacturer.

"Honda's decision is a pity for us as a Japanese team, however, we cannot comment more about their situation because this is an issue for Honda," they said.