The world’s largest car maker, Toyota Motor Corp (TMC) is driving out of Formula One racing due to bumpy economic conditions. Toyota has become the latest auto maker to pull out of the prestigious event after rival Honda and German major BMW. “Considering TMC’s motor sports activities next year and beyond from a comprehensive mid-term viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1,” the auto maker announced today.

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The Japanese car maker will pull out of FIA Formula One World Championship at the end of 2009 season. In recent times, the business of Toyota has been hit hard by the global financial turmoil and an appreciating yen.

Toyota made its debut in Formula One in 2002 but never managed to win any Grand Prix. The latest pullout would be yet another blow to Formula One, already bogged by scandals, disputes and falling sponsorships.

In a statement, Toyota said drawing on its experience in Formula One and other motor sports, the entity plans to develop new vehicles like the Lexus ‘LFA’ supercar and compact rear-wheel-drive sports cars. “TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause,” it added.

The company said it had viewed the participation Formula One racing as contributing to the prosperity of automotive culture and even remained dedicated to it despite the worsening economic situation that began last year.

Toyota noted that it would actively contribute to the further development of motor sports by supporting grassroots races and planning events in which it is easy for people to participate.

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