Toyota to have Smaller Budget in 2004

Toyota have the budget of a top team but the company will spend less money than they did in the 2003 season, the Toyota's motorsport president John Howett said today during the launch of their new car.

The Japanese squad, believed to have one of the biggest budgets in the sport, will see a 12.5 percent reduction in the funds coming from the Toyota headquarters in Japan, although the overall funds from sponsors will be the same or more than last season.

"I think the name Toyota is synonymous with lean and effective operations" said Howett. "Certainly I can say that thanks to that philosophy and some great engineering from our team, we managed to operate quite comfortably within last year's budget.

"This year's budget is in effect lower than last year's. At the same time, we will increase the level of operation that we have. Having said that, Toyota is passionate really to become a Championship contender in the future.

"So we clearly have a top-team budget. But the final point, I think, is: our budget certainly isn't as large as many of the people would like to believe."

Howett said the reason Toyota is ploughing less money into the team is because the big initial investments, primarily the establishment of the Cologne headquarters, are now out of the way.