Toyota Motor Corporation announced its withdrawal from the FIA Formula One World Championship (F1) at the end of the 2009 season.

Pundits have been expecting this announcement, but it's still a body blow to F1 which has seen both Honda and BMW pull out in 2009. Toyota's F1 team never performed to expectations, and the current economic crisis has forced them to take a long hard look at their involvement in one of the world's most expensive sports.

It seems like the manufacturer will now concentrate on the production car aspect of motorsport - racing cars like the new LFA supercar and possibly even the FT-86, a compact rear-wheel-drive sports car shown at the Tokyo motorshow. In a statement Toyota said they will continue to race in various categories and support grassroots racing.

The official statement reads as follows:

TMC, which had viewed its participation in F1 as contributing to the prosperity of automotive culture, remained dedicated to competing at the pinnacle of motor sports, even in the face of the abrupt economic changes that started last year. However, when considering TMC’s motor-sports activities next year and beyond from a comprehensive midterm viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1.

TMC leaves F1 having compiled 13 podium and 87 point finishes over eight challenging seasons since 2002 with Panasonic Toyota Racing, a full-constructor team. It views its time in F1 – which teams put forth their best efforts to fiercely compete at racing’s highest level – as an irreplaceable experience that provided an opportunity to develop both human resources and its R&D operations. TMC expresses its deepest appreciation to its F1 fans and others for their warm support.

TMC expressed its heartfelt gratitude to all Panasonic Toyota Racing drivers to date and to all Toyota Motorsport GmbH employees who have helped make the team’s achievements possible. TMC intends to do its best to find a solution for those parties who will be affected by any inconvenience this decision may cause.