Toyota moves to deny quit rumours

Toyota has moved to deny speculation that it is poised to follow BMW out of Formula 1 at the end of 2009

Toyota moves to deny quit rumours

Amid widespread suggestions that BMW's departure from the sport will be followed by another manufacturer imminently, rumours have revolved around Toyota.

This has been prompted by the fact that Toyota has not yet signed the Concorde Agreement that would tie it to F1, and the team's F1 president John Howett is in Japan at the moment discussing strategy with the Japanese car manufacturer's chiefs.

However, a spokesman for the Toyota Motor Corporation has dismissed any talk that Toyota is considering its future in F1, with its Concorde Agreement signature expected to be confirmed in the next few days.

"Through cost reduction we will continue our Formula 1 activities," said the spokesman. "Our situation remains unchanged."

Despite being disappointed with results, the vice chairman of Toyota's board, Katsuaki Watanabe, says it has been pleased with what it has achieved technically and brand wise.

"Our initial purpose was to strengthen the brand image and to develop new technologies. Both targets were met, but we still did not manage to get to the center position on the podium," said Watanabe. "But we worked very hard in cost-reduction and we will still try our best to reach our aim."

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