Toyota committed to Formula One

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Despite the fact that Honda announced its immediate withdrawal from the pinnacle of motorsport, the other big Japanese manufacturer, Toyota, declared in a statement that it is still committed to succeeding in Formula One.

A statement read: "Toyota is currently committed to succeeding in Formula One and to reducing our costs. We are contributing to the FOTA activities which will achieve significant cost reductions whilst maintaining the spirit of the sport.

"We hope FOTA's proposals and activities will be given the widespread support they deserve as they provide the sound, stable base Formula One requires at this time."

Toyota is pretty serious about their intention to reduce costs. The team, which is the big-spender in F1, has cancelled its annual media launch and will replace it by a simple video launch via internet.