Toyota to pull out of hosting 2010 Japan GP
July 7, 2009
TOKYO (AP)—Toyota-owned Fuji International Speedway said Tuesday it will pullout of hosting the 2010 Japanese Formula One Grand Prix and beyond because ofthe prolonged economic slump.
“It has become extremely difficult for us to host the F1 Grand Prix as weface the deteriorating economic environment and see few signs showing a swifteconomic recovery,” Fuji Speedway said in a statement.
Fuji Speedway, which is 93.4 percent owned by Toyota Motor Corp., hosted theJapanese Grand Prix in 2007 and 2008 for the first time in 30 years, replacingthe Honda-owned Suzuka circuit, which is hosting the race this year.
However, it has not been decided whether the race would be held at anothervenue in Japan next year, said Fuji Speedway spokesman Keiichi Sato.
“It is not clear at this moment whether the 2010 F1 will be hosted in Japanby others or be held in another country,” Sato said.
The Fuji International circuit had been scheduled to alternate the race eachyear with the Suzuka circuit.
“It was a heart-wrenching decision to give up on hosting the F1 Japan GrandPrix just three years after we announced our hosting in 2006,” Fuji Speedwaypresident Hiroaki Kato said in a statement.
Toyota declined to comment on Fuji Speedway’s withdrawal. But the world’sbiggest automaker said it would not quit Formula One racing. Toyota’s rival,Honda Motor Co., said in December 2008 that it had pulled out of F1 racing tocut costs amid a downturn in the global economy.
Fuji Speedway’s exit came as Toyota hoped to revive itself under theleadership of its new president, Akio Toyoda, who is the grandson of founderKiichiro Toyoda. The 53-year-old Toyoda took helm at the Japanese auto giant inJune following approval at a shareholders’ meeting.
Toyoda has a daunting task to lead the battered automaker, which lost astaggering $4.6 billion in the fiscal year that ended in March, its worst lossever. The company is expecting more red ink this fiscal year.
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