Japanese electronics company Panasonic has renewed its title sponsorship deal with the Toyota Formula One Team until 2012.
The Guardian newspaper reports that Panasonic has sponsored the team since its Formula One debut in 2002. Prior to the renewal, the deal had been due to expire at the end of 2009.
The Guardian quotes Toyota team principal Tadashi Yamashima as saying, “I would like to extend my deepest thanks to Panasonic Corporation for continuing as our title sponsor, despite the particularly harsh economic climate.
“The team will redouble its efforts this year in order to achieve its long-sought-after first victory.”
Cologne-based Toyota finished fifth overall last season.
