Gigantic loss for Toyota's title sponsor Panasonic

By on

The Japanese electronics producer, Panasonic, who is title sponsor of the Toyota F1 Team, will make 15000 of its employees redundant. 27 of their factories will be closed all of the world. The company has made a loss of €3.17 billion.

Earlier this year, the company announced that it will remain title sponsor of the Toyota team, but after the news of today it's unclear whether the company will cut the F1 budget or not.

Related news article:
Panasonic to continue as title sponsor for Toyota F1