Toyota is pulling out of Formula One racing. The world's largest automaker announced Wednesday it needs to cut costs and focus on its core business. "Based on the current economic environment, we realize we have no choice but to withdraw from Formula One," Toyota president Akio Toyoda said at a news conference. "This has been a very painful decision for the company." Toyota follows Honda Motor Co. as the second major Japanese automaker to withdraw from the sport in the last 11 months. Honda pulled out last December amid worsening economic conditions.
Associated Press
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